Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Up 10.2% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price traded up 10.2% during mid-day trading on Thursday . The stock traded as high as $14.28 and last traded at $14.9360. 3,560,207 shares traded hands during trading, a decline of 75% from the average session volume of 14,159,563 shares. The stock had previously closed at $13.55.

Analysts Set New Price Targets

A number of brokerages have commented on EOSE. Wall Street Zen lowered Eos Energy Enterprises from a “hold” rating to a “sell” rating in a research report on Saturday, November 8th. Stifel Nicolaus raised their price target on Eos Energy Enterprises from $10.00 to $22.00 and gave the company a “buy” rating in a report on Wednesday, October 15th. Zacks Research lowered Eos Energy Enterprises from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 29th. Guggenheim upped their target price on shares of Eos Energy Enterprises from $10.00 to $20.00 and gave the company a “buy” rating in a research report on Wednesday, October 22nd. Finally, Roth Capital set a $12.00 target price on shares of Eos Energy Enterprises and gave the company a “neutral” rating in a research note on Wednesday, October 22nd. Two analysts have rated the stock with a Buy rating, six have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, Eos Energy Enterprises currently has an average rating of “Hold” and an average price target of $11.93.

Eos Energy Enterprises Price Performance

The business has a 50 day moving average of $14.45 and a 200 day moving average of $8.93. The firm has a market capitalization of $4.52 billion, a price-to-earnings ratio of -1.87 and a beta of 2.15.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its earnings results on Wednesday, November 5th. The company reported ($2.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.31) by ($2.46). The business had revenue of $30.51 million during the quarter, compared to analysts’ expectations of $39.55 million. As a group, equities analysts predict that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current year.

Insider Buying and Selling

In other Eos Energy Enterprises news, CAO Sumeet Puri sold 40,501 shares of the stock in a transaction on Monday, September 8th. The shares were sold at an average price of $7.11, for a total value of $287,962.11. Following the sale, the chief accounting officer directly owned 164,290 shares in the company, valued at approximately $1,168,101.90. This trade represents a 19.78% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 3.30% of the company’s stock.

Institutional Trading of Eos Energy Enterprises

A number of large investors have recently made changes to their positions in the company. Chung Wu Investment Group LLC bought a new position in Eos Energy Enterprises during the third quarter worth about $30,000. Farther Finance Advisors LLC raised its position in shares of Eos Energy Enterprises by 33.0% during the third quarter. Farther Finance Advisors LLC now owns 3,325 shares of the company’s stock worth $38,000 after purchasing an additional 825 shares during the period. Elevatus Welath Management bought a new position in shares of Eos Energy Enterprises during the 1st quarter valued at about $39,000. Amalgamated Bank bought a new position in shares of Eos Energy Enterprises during the 2nd quarter valued at about $39,000. Finally, Skandinaviska Enskilda Banken AB publ acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at approximately $39,000. Institutional investors own 54.87% of the company’s stock.

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.