Eos Energy Enterprises (NASDAQ:EOSE) Trading 8.3% Higher - Should You Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shot up 8.3% during mid-day trading on Monday . The stock traded as high as $4.91 and last traded at $5.02. 2,201,174 shares changed hands during trading, a decline of 75% from the average session volume of 8,654,683 shares. The stock had previously closed at $4.63.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on EOSE shares. Stifel Nicolaus lowered their price target on 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. Guggenheim cut their price target on Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating for the company in a report on Monday, June 2nd. Wall Street Zen downgraded Eos Energy Enterprises from a "hold" rating to a "sell" rating in a report on Saturday, July 5th. Finally, TD Cowen upgraded Eos Energy Enterprises to a "hold" rating in a research report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, Eos Energy Enterprises currently has a consensus rating of "Hold" and a consensus price target of $6.50.

Eos Energy Enterprises Stock Performance

The company has a market capitalization of $1.21 billion, a P/E ratio of -1.20 and a beta of 2.01. The business has a 50 day moving average of $5.06 and a 200-day moving average of $4.89.

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 for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.01). The business had revenue of $10.46 million during the quarter, compared to analyst estimates of $11.77 million. As a group, equities analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, General Counsel Michael W. Silberman sold 100,943 shares of the stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $692,468.98. Following the transaction, the general counsel directly owned 161,404 shares in the company, valued at approximately $1,107,231.44. This represents a 38.48% 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, insider Nathan Kroeker sold 152,856 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,048,592.16. Following the transaction, the insider owned 403,815 shares in the company, valued at $2,770,170.90. This trade represents a 27.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 758,886 shares of company stock valued at $4,827,806 over the last 90 days. 3.63% of the stock is owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors have recently modified their holdings of the company. Wells Fargo & Company MN grew its position in Eos Energy Enterprises by 3.6% during the 4th quarter. Wells Fargo & Company MN now owns 62,075 shares of the company's stock worth $302,000 after acquiring an additional 2,175 shares during the last quarter. Carmel Capital Partners LLC lifted its holdings in Eos Energy Enterprises by 24.5% in the 1st quarter. Carmel Capital Partners LLC now owns 12,450 shares of the company's stock worth $47,000 after buying an additional 2,450 shares during the period. Meridian Wealth Management LLC lifted its holdings in Eos Energy Enterprises by 2.6% in the 1st quarter. Meridian Wealth Management LLC now owns 102,400 shares of the company's stock worth $387,000 after buying an additional 2,600 shares during the period. Landscape Capital Management L.L.C. lifted its stake in shares of Eos Energy Enterprises by 5.8% in the 1st quarter. Landscape Capital Management L.L.C. now owns 54,711 shares of the company's stock valued at $207,000 after purchasing an additional 2,980 shares during the period. Finally, MCF Advisors LLC lifted its stake in shares of Eos Energy Enterprises by 12.1% in the 2nd quarter. MCF Advisors LLC now owns 32,611 shares of the company's stock valued at $167,000 after purchasing an additional 3,518 shares during the period. 54.87% of the stock is currently 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.