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

Key Points

• EOSE shares gapped higher at the open, rising from a prior close of $1.82 to $2.015 before last trading at $1.816, with 8.15 million shares changing hands.
• Analyst sentiment is mixed: MarketBeat’s consensus rating is “Hold” with an $8.19 price target, while targets range from $4.50 to $10.00 and ratings span Strong Buy to Strong Sell.
• The company reported a significant quarterly EPS miss, losing $1.20 per share versus the expected $0.19 loss, although revenue of $68.78 million slightly exceeded estimates; analysts expect a full-year loss of $1.28 per share.

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) gapped up before the market opened on Monday. The stock had previously closed at $1.82, but opened at $2.0150. Eos Energy Enterprises shares last traded at $1.8160, with a volume of 8,152,000 shares.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EOSE. Needham & Company LLC cut their target price on Eos Energy Enterprises from $11.00 to $10.00 and set a "buy" rating on the stock in a research report on Tuesday, September 15th. Wall Street Zen downgraded shares of Eos Energy Enterprises from a "sell" rating to a "strong sell" rating in a research report on Saturday, August 8th. Truist Financial began coverage on shares of Eos Energy Enterprises in a research report on Monday, July 13th. They set a "buy" rating and a $7.00 price target for the company. Roth Capital lifted their price target on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a "neutral" rating in a research note on Thursday, September 10th. Finally, B. Riley Financial dropped their price target on shares of Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating for the company in a research note on Friday, August 14th. One analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $8.19.

Eos Energy Enterprises Price Performance

The firm's 50-day moving average price is $3.46 and its 200 day moving average price is $5.17. The firm has a market cap of $679.18 million, a P/E ratio of -0.27 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($1.01). The business had revenue of $68.78 million during the quarter, compared to analysts' expectations of $68.32 million. During the same quarter in the prior year, the firm earned ($1.05) EPS. Analysts forecast that Eos Energy Enterprises, Inc. will post -1.28 earnings per share for the current year.

Insider Transactions at Eos Energy Enterprises

In other news, Director Haiyan Song purchased 10,000 shares of the stock in a transaction dated Friday, September 11th. The stock was acquired at an average cost of $3.95 per share, for a total transaction of $39,500.00. Following the acquisition, the director owned 10,000 shares of the company's stock, valued at $39,500. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Sumeet Puri sold 43,750 shares of the company's stock in a transaction that occurred on Wednesday, September 16th. The shares were sold at an average price of $3.92, for a total value of $171,500.00. Following the sale, the chief accounting officer directly owned 280,195 shares in the company, valued at approximately $1,098,364.40. This represents a 13.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 626,655 shares of company stock worth $2,336,158 in the last quarter. Insiders own 1.73% of the company's stock.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently modified their holdings of EOSE. SteelPeak Wealth LLC bought a new stake in shares of Eos Energy Enterprises in the 3rd quarter worth approximately $176,000. Vontobel Holding Ltd. acquired a new position in Eos Energy Enterprises during the 3rd quarter valued at approximately $462,000. Bouvel Investment Partners LLC boosted its position in Eos Energy Enterprises by 133.1% during the 3rd quarter. Bouvel Investment Partners LLC now owns 270,022 shares of the company's stock valued at $828,000 after purchasing an additional 154,164 shares during the period. Sax Wealth Advisors LLC bought a new position in Eos Energy Enterprises during the 3rd quarter worth $31,000. Finally, Gainplan LLC grew its stake in Eos Energy Enterprises by 22.7% during the 3rd quarter. Gainplan LLC now owns 23,144 shares of the company's stock worth $71,000 after buying an additional 4,284 shares during the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company's primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.

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