Eos Energy Enterprises (NASDAQ:EOSE) Hits New 12-Month High – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price hit a new 52-week high during trading on Friday . The stock traded as high as $6.64 and last traded at $6.47, with a volume of 2152510 shares trading hands. The stock had previously closed at $6.19.

Analyst Ratings Changes

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

Eos Energy Enterprises Trading Up 5.1 %

The company has a market cap of $1.42 billion, a price-to-earnings ratio of -2.72 and a beta of 2.09. The firm’s fifty day moving average price is $4.14 and its 200-day moving average price is $3.05.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC boosted its stake in Eos Energy Enterprises by 5,744.5% in the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock worth $4,018,000 after purchasing an additional 3,109,880 shares during the period. NewEdge Advisors LLC boosted its stake in Eos Energy Enterprises by 30.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock worth $3,288,000 after purchasing an additional 600,143 shares during the period. Geode Capital Management LLC boosted its stake in shares of Eos Energy Enterprises by 18.0% during 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 last quarter. Brightline Capital Management LLC acquired a new position in shares of Eos Energy Enterprises during the 3rd quarter worth about $4,871,000. Finally, State Street Corp boosted its stake in shares of Eos Energy Enterprises by 9.5% during the 3rd quarter. State Street Corp now owns 875,439 shares of the company’s stock worth $2,600,000 after buying an additional 75,657 shares during the last quarter. 54.87% of the stock is owned by institutional investors and hedge funds.

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.