Eos Energy Enterprises (NASDAQ:EOSE) Trading 7.9% Higher – Time to Buy?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shot up 7.9% during mid-day trading on Thursday . The company traded as high as $2.49 and last traded at $2.46. 2,329,439 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 6,791,856 shares. The stock had previously closed at $2.28.

Wall Street Analysts Forecast Growth

EOSE has been the subject of a number of research analyst reports. Stifel Nicolaus reiterated a “buy” rating and set a $6.00 price target on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Roth Mkm reduced their target price on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $3.90.

Eos Energy Enterprises Stock Performance

The company has a fifty day moving average of $2.85 and a two-hundred day moving average of $1.97. The firm has a market capitalization of $546.95 million, a price-to-earnings ratio of -1.02 and a beta of 2.38.

Insider Activity

In other news, Director Jeffrey S. Bornstein sold 30,000 shares of Eos Energy Enterprises stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $2.62, for a total value 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. The trade was a 26.10 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 3.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management grew its holdings in shares of Eos Energy Enterprises by 1,000.0% during the 3rd quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock worth $25,000 after purchasing an additional 7,500 shares in the last quarter. WESPAC Advisors LLC acquired a new stake in Eos Energy Enterprises during the third quarter worth about $32,000. Ground Swell Capital LLC bought a new position in Eos Energy Enterprises in the 2nd quarter valued at about $34,000. Scientech Research LLC acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at approximately $36,000. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of Eos Energy Enterprises by 74.4% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock worth $46,000 after acquiring an additional 18,735 shares during the period. 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.