Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up - Time to Buy?

Key Points

• The stock gapped up pre-market from $12.22 to $13.04 but was last trading down about 8.0% at $11.31 on heavy volume (4.6M shares).
• Analyst coverage is mixed: the consensus rating is Hold with an average price target of $13.50, though firms like Guggenheim and Stifel raised targets to $20 and $22 while others issued sell/downgrades.
• Insiders have been net sellers—907,801 shares sold in the last 90 days (including 50,000 shares each by the CFO and a director); institutions/hedge funds own roughly 54.9% of the company.

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) gapped up before the market opened on Wednesday . The stock had previously closed at $12.22, but opened at $13.04. Eos Energy Enterprises shares last traded at $11.3060, with a volume of 4,600,365 shares traded.

Analysts Set New Price Targets

Several research firms have issued reports on EOSE. Guggenheim increased their price objective on shares of Eos Energy Enterprises from $10.00 to $20.00 and gave the company a "buy" rating in a report on Wednesday, October 22nd. Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Thursday, January 22nd. B. Riley Financial raised their price target on shares of Eos Energy Enterprises from $8.00 to $12.00 and gave the stock a "neutral" rating in a report on Tuesday, November 11th. Stifel Nicolaus boosted their price objective on shares of Eos Energy Enterprises from $10.00 to $22.00 and gave the company a "buy" rating in a report on Wednesday, October 15th. Finally, Wall Street Zen cut Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research note on Saturday, November 8th. Two investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $13.50.

Eos Energy Enterprises Trading Down 8.0%

The firm has a market cap of $3.24 billion, a PE ratio of -1.35 and a beta of 2.13. The firm has a 50 day moving average price of $14.33 and a 200-day moving average price of $12.19.

Insider Activity

In other news, CFO Nathan Kroeker sold 50,000 shares of the firm's stock in a transaction on Monday, January 26th. The shares were sold at an average price of $16.04, for a total value of $802,000.00. Following the sale, the chief financial officer directly owned 662,512 shares in the company, valued at approximately $10,626,692.48. This trade represents a 7.02% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Marian Walters sold 50,000 shares of the business's stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $15.81, for a total transaction of $790,500.00. Following the transaction, the director owned 135,334 shares of the company's stock, valued at approximately $2,139,630.54. The trade was a 26.98% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 907,801 shares of company stock valued at $13,803,507. 3.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC grew its position in shares of Eos Energy Enterprises by 55.1% in the 1st quarter. Millennium Management LLC now owns 2,522,273 shares of the company's stock valued at $9,534,000 after buying an additional 896,471 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Eos Energy Enterprises by 36.8% in the first quarter. Goldman Sachs Group Inc. now owns 3,900,513 shares of the company's stock valued at $14,744,000 after acquiring an additional 1,050,128 shares in the last quarter. Janney Montgomery Scott LLC acquired a new position in shares of Eos Energy Enterprises during the second quarter worth about $59,000. KLP Kapitalforvaltning AS raised its holdings in Eos Energy Enterprises by 25.5% during the second quarter. KLP Kapitalforvaltning AS now owns 46,800 shares of the company's stock worth $240,000 after purchasing an additional 9,500 shares in the last quarter. Finally, Inspire Investing LLC acquired a new stake in Eos Energy Enterprises in the second quarter valued at about $388,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company's core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company's flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.

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