Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 5.6% - Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) shares were up 5.6% during trading on Friday . The stock traded as high as $2.88 and last traded at $2.85. Approximately 732,819 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 6,758,776 shares. The stock had previously closed at $2.70.

Analysts Set New Price Targets

A number of brokerages have issued reports on EOSE. Stifel Nicolaus reiterated a "buy" rating and set a $6.00 price target on shares of Eos Energy Enterprises in a research report on Wednesday, August 21st. Roth Mkm cut their price objective on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a "buy" rating on the stock in a research note on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $3.90.

Eos Energy Enterprises Price Performance

The company has a fifty day moving average price of $2.87 and a two-hundred day moving average price of $2.07. The firm has a market cap of $642.83 million, a price-to-earnings ratio of -1.22 and a beta of 2.38.

Insiders Place Their Bets

In related news, Director Jeffrey S. Bornstein sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $2.62, for a total transaction of $78,600.00. Following the completion of the sale, the director now directly owns 84,929 shares in the company, valued at approximately $222,513.98. This trade represents a 26.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 3.80% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Eos Energy Enterprises by 6.6% during the 1st quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company's stock worth $9,657,000 after purchasing an additional 580,022 shares in the last quarter. Millennium Management LLC grew its holdings in shares of Eos Energy Enterprises by 5,744.5% during the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company's stock valued at $4,018,000 after buying an additional 3,109,880 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Eos Energy Enterprises by 30.2% during the second 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 in the last quarter. Geode Capital Management LLC raised its position in Eos Energy Enterprises by 18.0% during the third quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company's stock valued at $7,335,000 after buying an additional 376,494 shares during the period. Finally, Brightline Capital Management LLC purchased a new stake in Eos Energy Enterprises in the 3rd quarter worth about $4,871,000. Hedge funds and other institutional investors own 54.87% of the company's stock.

Eos Energy Enterprises Company Profile

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.