Eos Energy Enterprises (NASDAQ:EOSE) Trading Up 8.6% – Time to Buy?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) were up 8.6% during trading on Thursday . The stock traded as high as $4.95 and last traded at $4.95. Approximately 2,091,768 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 6,948,870 shares. The stock had previously closed at $4.56.

Analysts Set New Price Targets

Separately, Roth Mkm reduced their price target on 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $3.90.

Eos Energy Enterprises Price Performance

The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -2.15 and a beta of 2.32. The firm’s 50-day moving average is $3.20 and its 200 day moving average is $2.49.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Hollencrest Capital Management boosted its holdings in Eos Energy Enterprises by 1,000.0% in the third quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock valued at $25,000 after acquiring an additional 7,500 shares during the last quarter. WESPAC Advisors LLC purchased a new position in shares of Eos Energy Enterprises in the 3rd quarter worth about $32,000. Ground Swell Capital LLC acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at about $34,000. Scientech Research LLC purchased a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth about $36,000. Finally, Focused Wealth Management Inc acquired a new stake in Eos Energy Enterprises during the 3rd quarter worth approximately $46,000. 54.87% of the stock is currently owned by institutional investors and hedge funds.

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.