Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 6.3% - Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price was up 6.3% during mid-day trading on Monday . The company traded as high as $4.80 and last traded at $4.69. Approximately 2,277,982 shares changed hands during trading, a decline of 74% from the average daily volume of 8,616,051 shares. The stock had previously closed at $4.41.

Analysts Set New Price Targets

A number of research firms have commented on EOSE. Guggenheim reduced their price target on shares of Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. Stifel Nicolaus cut their target price on shares of Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating for the company in a research note on Monday, June 9th. TD Cowen raised Eos Energy Enterprises to a "hold" rating in a report on Monday, June 23rd. Finally, Cowen reaffirmed a "hold" rating on shares of Eos Energy Enterprises in a report on Friday, March 7th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $6.50.

Eos Energy Enterprises Trading Up 3.6%

The stock has a market cap of $1.16 billion, a P/E ratio of -1.15 and a beta of 2.01. The business's fifty day simple moving average is $5.14 and its 200 day simple moving average is $4.87.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.01). The firm had revenue of $10.46 million for the quarter, compared to the consensus estimate of $11.77 million. On average, analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Transactions at Eos Energy Enterprises

In other news, CAO Sumeet Puri sold 36,173 shares of Eos Energy Enterprises stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $6.86, for a total transaction of $248,146.78. Following the completion of the sale, the chief accounting officer owned 95,624 shares in the company, valued at $655,980.64. The trade was a 27.45% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Michael W. Silberman sold 100,943 shares of the business's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $692,468.98. Following the sale, the general counsel directly owned 161,404 shares of the company's stock, valued at approximately $1,107,231.44. This trade represents a 38.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 560,356 shares of company stock worth $3,844,042 in the last ninety days. 3.63% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently bought and sold shares of the business. Carmel Capital Partners LLC acquired a new position in shares of Eos Energy Enterprises in the 4th quarter valued at $49,000. KBC Group NV bought a new stake in Eos Energy Enterprises in the first quarter valued at about $38,000. SBI Securities Co. Ltd. increased its holdings in Eos Energy Enterprises by 588.0% in the first quarter. SBI Securities Co. Ltd. now owns 10,065 shares of the company's stock valued at $38,000 after purchasing an additional 8,602 shares during the last quarter. Elevatus Welath Management bought a new position in Eos Energy Enterprises during the first quarter worth about $39,000. Finally, Parallel Advisors LLC bought a new position in Eos Energy Enterprises during the first quarter worth about $43,000. 54.87% of the stock is owned by institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc designs, manufactures, and markets zinc-based energy storage solutions for utility-scale, microgrid, and commercial and industrial (C&I) applications in the United States. The company offers Znyth technology battery energy storage system (BESS), which provides the operating flexibility to manage increased grid complexity and price volatility.