Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up to $2.19

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped up before the market opened on Thursday . The stock had previously closed at $2.19, but opened at $2.32. Eos Energy Enterprises shares last traded at $2.52, with a volume of 3,525,308 shares changing hands.

Analyst Upgrades and Downgrades

EOSE has been the topic of several analyst reports. Stifel Nicolaus reiterated a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Roth Mkm restated a “buy” rating and issued a $4.50 price target on shares of Eos Energy Enterprises in a report on Friday, June 28th. B. Riley raised Eos Energy Enterprises to a “hold” rating in a research note on Tuesday, June 25th. Evercore ISI lowered their price objective on shares of Eos Energy Enterprises from $7.00 to $3.00 and set an “outperform” rating for the company in a research report on Thursday, May 16th. Finally, TD Cowen cut their price objective on shares of Eos Energy Enterprises from $3.00 to $2.50 and set a “hold” rating on the stock in a research report on Thursday, May 16th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $3.67.

Eos Energy Enterprises Price Performance

The firm has a 50-day moving average of $1.79 and a 200 day moving average of $1.19. The stock has a market capitalization of $549.46 million, a price-to-earnings ratio of -1.56 and a beta of 2.37.

Eos Energy Enterprises (NASDAQ:EOSE) last released its earnings results on Tuesday, August 6th. The company reported ($0.30) earnings per share for the quarter, missing the consensus estimate of ($0.19) by ($0.11). The company had revenue of $0.90 million for the quarter, compared to analyst estimates of $4.38 million. On average, equities analysts forecast that Eos Energy Enterprises, Inc. will post -0.74 earnings per share for the current year.

Insider Buying and Selling

In other Eos Energy Enterprises news, CEO Joe Mastrangelo acquired 52,800 shares of the business’s stock in a transaction dated Friday, August 9th. The stock was bought at an average cost of $1.43 per share, with a total value of $75,504.00. Following the completion of the transaction, the chief executive officer now directly owns 909,793 shares in the company, valued at approximately $1,301,003.99. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 4.06% of the stock is currently owned by corporate insiders.

Institutional Trading of Eos Energy Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of EOSE. NewEdge Advisors LLC lifted its position in Eos Energy Enterprises by 30.2% during the second quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock worth $3,288,000 after acquiring an additional 600,143 shares during the last quarter. Scientech Research LLC bought a new position in Eos Energy Enterprises during the 2nd quarter worth $36,000. Millennium Management LLC increased its position in Eos Energy Enterprises by 5,744.5% during the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock worth $4,018,000 after buying an additional 3,109,880 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Eos Energy Enterprises during the second quarter worth $216,000. Finally, Cubist Systematic Strategies LLC boosted its position in shares of Eos Energy Enterprises by 138,544.3% in the second quarter. Cubist Systematic Strategies LLC now owns 134,485 shares of the company’s stock valued at $171,000 after acquiring an additional 134,388 shares during the period. Institutional investors 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.