Eos Energy Enterprises (NASDAQ:EOSE) Hits New 52-Week High - Time to Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) hit a new 52-week high during trading on Friday . The stock traded as high as $6.64 and last traded at $6.47, with a volume of 2152510 shares traded. The stock had previously closed at $6.19.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reduced their target price on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a "buy" rating on the stock in a research report on Thursday, November 7th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $3.90.

Eos Energy Enterprises Price Performance

The firm has a fifty day moving average price of $4.22 and a two-hundred day moving average price of $3.07. The stock has a market capitalization of $1.32 billion, a PE ratio of -2.52 and a beta of 2.09.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC increased its stake in shares of Eos Energy Enterprises by 5,744.5% in the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company's stock valued at $4,018,000 after purchasing an additional 3,109,880 shares in the last quarter. NewEdge Advisors LLC raised its position in shares of Eos Energy Enterprises by 30.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company's stock valued at $3,288,000 after buying an additional 600,143 shares during the period. Geode Capital Management LLC grew its holdings in shares of Eos Energy Enterprises by 18.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company's stock worth $7,335,000 after purchasing an additional 376,494 shares during the period. Brightline Capital Management LLC acquired a new stake in shares of Eos Energy Enterprises during the third quarter valued at about $4,871,000. Finally, State Street Corp lifted its stake in Eos Energy Enterprises by 9.5% during the 3rd quarter. State Street Corp now owns 875,439 shares of the company's stock worth $2,600,000 after acquiring an additional 75,657 shares in the last quarter. 54.87% of the stock is currently owned by hedge funds and other 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.