Eos Energy Enterprises (NASDAQ:EOSE) Hits New 12-Month High – Should You Buy?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) hit a new 52-week high on Thursday . The stock traded as high as $6.33 and last traded at $6.11, with a volume of 12494241 shares traded. The stock had previously closed at $5.20.

Analyst Ratings Changes

Separately, Roth Mkm decreased their price target 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 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 presently has a consensus rating of “Moderate Buy” and an average target price of $3.90.

Eos Energy Enterprises Stock Down 2.3 %

The firm has a market capitalization of $1.31 billion, a price-to-earnings ratio of -2.50 and a beta of 2.09. The company’s 50 day moving average price is $3.85 and its 200 day moving average price is $2.93.

Institutional Trading of Eos Energy Enterprises

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC increased its holdings in shares of 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 purchasing an additional 3,109,880 shares during the period. NewEdge Advisors LLC boosted its position in Eos Energy Enterprises by 30.2% in 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 during the last quarter. Geode Capital Management LLC increased its holdings in Eos Energy Enterprises by 18.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company’s stock worth $7,335,000 after buying an additional 376,494 shares during the period. Brightline Capital Management LLC purchased a new position in Eos Energy Enterprises during the 3rd quarter worth approximately $4,871,000. Finally, State Street Corp lifted its stake in Eos Energy Enterprises by 9.5% during the 3rd quarter. State Street Corp now owns 875,439 shares of the company’s stock valued at $2,600,000 after acquiring an additional 75,657 shares during the period. 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.