Eos Energy Enterprises (NASDAQ:EOSE) Trading 6.4% Higher – Still a Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares traded up 6.4% on Thursday . The company traded as high as $3.17 and last traded at $3.16. 6,283,725 shares traded hands during mid-day trading, a decline of 8% from the average session volume of 6,809,174 shares. The stock had previously closed at $2.97.

Wall Street Analysts Forecast Growth

Several research firms recently commented on EOSE. Roth Mkm decreased their price target on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a report on Thursday, November 7th. Stifel Nicolaus restated a “buy” rating and set a $6.00 price target on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $3.90.

Eos Energy Enterprises Stock Performance

The firm has a 50 day moving average price of $2.90 and a 200-day moving average price of $2.11. The company has a market cap of $688.60 million, a P/E ratio of -1.22 and a beta of 2.31.

Insider Buying and Selling

In other news, Director Jeffrey S. Bornstein sold 30,000 shares of the company’s stock in a transaction dated 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 transaction, the director now owns 84,929 shares of the company’s stock, valued at approximately $222,513.98. This represents a 26.10 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.80% of the stock is owned by insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

Large investors have recently added to or reduced their stakes in the company. Hollencrest Capital Management increased its position in shares of Eos Energy Enterprises by 1,000.0% during the third quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock valued at $25,000 after purchasing an additional 7,500 shares during the period. WESPAC Advisors LLC acquired a new position in shares of Eos Energy Enterprises in the 3rd quarter valued at $32,000. Focused Wealth Management Inc bought a new position in shares of Eos Energy Enterprises during the 3rd quarter worth about $46,000. Walleye Capital LLC bought a new stake in Eos Energy Enterprises in the third quarter valued at about $48,000. Finally, Venture Visionary Partners LLC bought a new stake in shares of Eos Energy Enterprises in the 3rd quarter valued at approximately $59,000. Institutional investors and hedge funds 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.