Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $6.38, but opened at $7.12. Eos Energy Enterprises shares last traded at $6.9690, with a volume of 10,458,745 shares.

Analyst Upgrades and Downgrades

Several research analysts recently commented on EOSE shares. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Tuesday, April 21st. Needham & Company LLC started coverage on Eos Energy Enterprises in a research report on Friday, May 22nd. They issued a “buy” rating and a $11.00 target price for the company. Roth Mkm reduced their target price on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating for the company in a research report on Friday, February 27th. Zacks Research raised Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a research report on Tuesday, April 28th. Finally, JPMorgan Chase & Co. reduced their target price on Eos Energy Enterprises from $9.00 to $6.00 and set a “neutral” rating for the company in a research report on Thursday, April 16th. Two investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $10.94.

Eos Energy Enterprises Stock Up 10.8%

The stock has a market capitalization of $2.40 billion, a P/E ratio of -1.05 and a beta of 2.62. The firm has a 50-day moving average of $7.11 and a 200 day moving average of $9.94.

Eos Energy Enterprises (NASDAQ:EOSE) last issued its quarterly earnings data on Wednesday, May 13th. The company reported $0.12 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.22) by $0.34. The company had revenue of $56.96 million for the quarter, compared to the consensus estimate of $54.32 million. Analysts predict that Eos Energy Enterprises, Inc. will post -0.31 EPS for the current fiscal year.

Insider Activity

In other Eos Energy Enterprises news, Director Marian Walters sold 7,681 shares of Eos Energy Enterprises stock in a transaction on Tuesday, May 19th. The stock was sold at an average price of $7.07, for a total transaction of $54,304.67. Following the completion of the transaction, the director directly owned 135,334 shares of the company’s stock, valued at approximately $956,811.38. This trade represents a 5.37% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 1.73% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. PNC Financial Services Group Inc. lifted its holdings in shares of Eos Energy Enterprises by 3,843.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock valued at $29,000 after acquiring an additional 2,460 shares during the period. Towarzystwo Funduszy Inwestycyjnych PZU SA lifted its holdings in shares of Eos Energy Enterprises by 58.8% during the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock valued at $31,000 after acquiring an additional 1,000 shares during the period. Danske Bank A S bought a new position in shares of Eos Energy Enterprises during the fourth quarter valued at $33,000. TD Waterhouse Canada Inc. lifted its holdings in shares of Eos Energy Enterprises by 178.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock valued at $36,000 after acquiring an additional 2,000 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in shares of Eos Energy Enterprises by 46.4% during the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock valued at $37,000 after acquiring an additional 1,036 shares during the period. 54.87% of the stock is owned by institutional investors.

Eos Energy Enterprises Company Profile

Eos Energy Enterprises specializes in the development and deployment of scalable, long-duration energy storage systems designed to support the integration of renewable power and enhance grid reliability. The company’s core technology centers on its proprietary zinc hybrid cathode (Znyth™) battery platform, which aims to deliver safe, low-cost, and durable performance for utility, commercial and industrial, and microgrid applications.

The company’s flagship product, the Aurora™ energy storage system, combines its Znyth™ cells with modular power conversion and controls to offer flexible capacity ranging from one to three hours of discharge duration.