Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 21.3% - Still a Buy?

Key Points

• Eos Energy shares jumped 21.3% to about $2.31, while trading volume was 67% below its average.
• Analyst views are mixed: the consensus rating is Hold, with an average price target of $7.69. Recent quarterly EPS of -$1.20 missed the -$0.19 consensus, although revenue slightly exceeded expectations.
• Insiders sold 377,917 shares worth about $1.39 million over the last quarter; the reported sales were made under pre-arranged plans to cover tax withholding on equity awards.

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s stock price traded up 21.3% during trading on Wednesday. The stock traded as high as $2.28 and last traded at $2.3050. 8,550,706 shares traded hands during trading, a decline of 67% from the average daily volume of 25,852,725 shares. The stock had previously closed at $1.90.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on EOSE. Weiss Ratings restated a "sell (d-)" rating on shares of Eos Energy Enterprises in a report on Thursday, October 15th. TD Cowen raised Eos Energy Enterprises to a "hold" rating in a research report on Monday, October 5th. B. Riley Financial cut their target price on Eos Energy Enterprises from $8.00 to $5.00 and set a "neutral" rating on the stock in a research note on Friday, August 14th. Truist Financial began coverage on Eos Energy Enterprises in a report on Monday, July 13th. They set a "buy" rating and a $7.00 price target for the company. Finally, Needham & Company LLC dropped their price target on shares of Eos Energy Enterprises from $10.00 to $6.00 and set a "buy" rating on the stock in a research note on Monday, October 19th. One equities research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $7.69.

Eos Energy Enterprises Stock Up 18.7%

The stock has a market capitalization of $821.20 million, a PE ratio of -0.33 and a beta of 3.17. The business's fifty day moving average is $2.96 and its two-hundred day moving average is $6.21.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($1.20) 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 the consensus estimate of $68.32 million. During the same quarter in the previous year, the business earned ($1.05) earnings per share. Sell-side analysts expect that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current fiscal year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, insider Michelle Buczkowski sold 50,000 shares of the firm's stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $2.00, for a total value of $100,000.00. Following the completion of the sale, the insider owned 111,827 shares of the company's stock, valued at approximately $223,654. This trade represents a 30.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 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. Also, CEO Joe Mastrangelo sold 250,000 shares of the firm's stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $3.92, for a total value of $980,000.00. Following the completion of the transaction, the chief executive officer owned 2,308,704 shares of the company's stock, valued at $9,050,119.68. This trade represents a 9.77% decrease in their position. 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 sold 377,917 shares of company stock worth $1,392,610 over the last quarter. Company insiders own 1.73% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in EOSE. Allworth Financial LP lifted its holdings in Eos Energy Enterprises by 198.6% in the 2nd quarter. Allworth Financial LP now owns 4,300 shares of the company's stock worth $25,000 after buying an additional 2,860 shares in the last quarter. PNC Financial Services Group Inc. grew its stake in shares of Eos Energy Enterprises by 279.4% during the first quarter. PNC Financial Services Group Inc. now owns 9,577 shares of the company's stock valued at $48,000 after acquiring an additional 7,053 shares in the last quarter. Nykredit A S acquired a new stake in shares of Eos Energy Enterprises during the second quarter valued at about $60,000. Sax Wealth Advisors LLC acquired a new stake in shares of Eos Energy Enterprises during the third quarter valued at about $31,000. Finally, Abel Hall LLC purchased a new stake in shares of Eos Energy Enterprises during the first quarter worth about $56,000. 54.87% of the stock is currently 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 help utilities, renewable energy developers, and commercial and industrial customers store electricity for use when demand is high or renewable generation is unavailable. The company's technology is based on aqueous zinc battery chemistry, which it markets as a non-lithium alternative for stationary energy storage applications.

Eos' product portfolio includes the Eos Z3 battery system and related generations of its zinc-based storage technology.

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