Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 8.9% - Should You Buy?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) were up 8.9% during mid-day trading on Wednesday . The stock traded as high as $5.03 and last traded at $5.01. Approximately 1,950,744 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 8,013,365 shares. The stock had previously closed at $4.60.

Wall Street Analysts Forecast Growth

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

Eos Energy Enterprises Stock Up 13.0 %

The firm has a market capitalization of $1.13 billion, a PE ratio of -2.16 and a beta of 2.09. The stock has a 50-day simple moving average of $3.67 and a 200-day simple moving average of $2.86.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd bought a new position in shares of Eos Energy Enterprises in the second quarter worth approximately $83,000. Cubist Systematic Strategies LLC lifted its holdings in shares of Eos Energy Enterprises by 138,544.3% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,485 shares of the company's stock worth $171,000 after acquiring an additional 134,388 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in Eos Energy Enterprises in the second quarter worth $216,000. Millennium Management LLC increased its stake in Eos Energy Enterprises by 5,744.5% in the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company's stock valued at $4,018,000 after acquiring an additional 3,109,880 shares during the last quarter. Finally, Scientech Research LLC purchased a new stake in Eos Energy Enterprises during the second quarter valued at about $36,000. 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.