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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock 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 traded.

Wall Street Analyst Weigh In

A number of research firms recently commented on EOSE. Zacks Research upgraded Eos Energy Enterprises from a “strong sell” rating to a “hold” rating in a report on Tuesday, April 28th. Needham & Company LLC started coverage on Eos Energy Enterprises in a report on Friday, May 22nd. They set a “buy” rating and a $11.00 price target on the stock. Weiss Ratings reiterated a “sell (d-)” rating on shares of Eos Energy Enterprises in a report on Tuesday, April 21st. Roth Mkm lowered their price target on Eos Energy Enterprises from $12.00 to $6.00 and set a “neutral” rating on the stock in a report on Friday, February 27th. Finally, Guggenheim reiterated a “neutral” rating and set a $20.00 price target on shares of Eos Energy Enterprises in a report on Friday, February 27th. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, Eos Energy Enterprises presently has an average rating of “Hold” and an average target price of $10.94.

Eos Energy Enterprises Price Performance

The firm has a fifty day simple moving average of $7.11 and a 200 day simple moving average of $9.94. The company has a market cap of $2.40 billion, a price-to-earnings ratio of -1.05 and a beta of 2.62.

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

Insider Activity

In other news, Director Marian Walters sold 7,681 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $7.07, for a total value of $54,304.67. Following the sale, the director owned 135,334 shares in the company, 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 SEC, which is accessible through this hyperlink. Insiders own 1.73% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. grew its stake in shares of Eos Energy Enterprises by 3,843.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,524 shares of the company’s stock worth $29,000 after acquiring an additional 2,460 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA grew its stake in shares of Eos Energy Enterprises by 58.8% in the fourth quarter. Towarzystwo Funduszy Inwestycyjnych PZU SA now owns 2,700 shares of the company’s stock worth $31,000 after acquiring an additional 1,000 shares during the last quarter. Danske Bank A S acquired a new stake in shares of Eos Energy Enterprises in the fourth quarter worth $33,000. TD Waterhouse Canada Inc. grew its stake in shares of Eos Energy Enterprises by 178.7% in the fourth quarter. TD Waterhouse Canada Inc. now owns 3,119 shares of the company’s stock worth $36,000 after acquiring an additional 2,000 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Eos Energy Enterprises by 46.4% in the fourth quarter. GAMMA Investing LLC now owns 3,270 shares of the company’s stock worth $37,000 after acquiring an additional 1,036 shares during the last quarter. Institutional investors and hedge funds own 54.87% of the company’s stock.

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.