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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $8.61, but opened at $9.14. Eos Energy Enterprises shares last traded at $8.7750, with a volume of 6,160,885 shares.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. decreased their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Thursday, April 16th. Guggenheim reaffirmed a “neutral” rating and issued a $20.00 target price on shares of Eos Energy Enterprises in a report on Friday, February 27th. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Finally, Wall Street Zen upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research note on Saturday, May 16th. Two investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $10.94.

Eos Energy Enterprises Trading Up 4.7%

The firm has a market cap of $3.06 billion, a PE ratio of -1.34 and a beta of 2.56. The stock has a 50 day simple moving average of $6.49 and a 200-day simple moving average of $10.62.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings results on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.34. The business had revenue of $56.96 million during the quarter, compared to analysts’ expectations of $54.32 million. On average, equities research analysts expect that Eos Energy Enterprises, Inc. will post -0.8 EPS for the current year.

Insiders Place Their Bets

In other Eos Energy Enterprises news, Director Marian Walters sold 7,681 shares of the stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total value of $54,304.67. Following the completion of the sale, the director owned 135,334 shares in the company, valued at approximately $956,811.38. This represents a 5.37% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Alexander Dimitrief purchased 15,000 shares of the business’s stock in a transaction on Monday, March 2nd. The stock was acquired at an average price of $6.04 per share, with a total value of $90,600.00. Following the purchase, the director directly owned 235,221 shares in the company, valued at $1,420,734.84. This represents a 6.81% increase in their position. The SEC filing for this purchase provides additional information. Over the last quarter, insiders have acquired 115,150 shares of company stock worth $692,962. 1.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its position in shares of Eos Energy Enterprises by 3,843.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after purchasing an additional 2,460 shares in the last quarter. Chung Wu Investment Group LLC purchased a new position in shares of Eos Energy Enterprises during the third quarter valued at about $30,000. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its position in shares of Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after purchasing an additional 1,000 shares in the last quarter. Danske Bank A S purchased a new position in shares of Eos Energy Enterprises during the fourth quarter valued at about $33,000. Finally, TD Waterhouse Canada Inc. grew its position in shares of Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after purchasing an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.