Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up – What’s Next?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) gapped up prior to trading on Monday. The stock had previously closed at $1.82, but opened at $2.0150. Eos Energy Enterprises shares last traded at $1.8160, with a volume of 8,152,000 shares trading hands.

Analyst Ratings Changes

Several research firms have recently commented on EOSE. Roth Capital upped their price target on shares of Eos Energy Enterprises from $4.00 to $4.50 and gave the stock a “neutral” rating in a research report on Thursday, September 10th. TD Cowen upgraded shares of Eos Energy Enterprises to a “hold” rating in a research report on Monday, October 5th. Needham & Company LLC cut their price objective on shares of Eos Energy Enterprises from $11.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, September 15th. Stifel Nicolaus reduced their target price on shares of Eos Energy Enterprises from $10.00 to $9.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Eos Energy Enterprises in a research report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Eos Energy Enterprises presently has an average rating of “Hold” and a consensus price target of $8.19.

Eos Energy Enterprises Stock Performance

The firm has a 50 day simple moving average of $3.46 and a two-hundred day simple moving average of $5.17. The stock has a market cap of $679.18 million, a P/E ratio of -0.27 and a beta of 2.88.

Eos Energy Enterprises (NASDAQ:EOSE) last announced its quarterly earnings results on Wednesday, August 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.19) by ($1.01). The business had revenue of $68.78 million during the quarter, compared to the consensus estimate of $68.32 million. During the same period in the previous year, the business earned ($1.05) EPS. As a group, equities research analysts predict that Eos Energy Enterprises, Inc. will post -1.28 EPS for the current year.

Insiders Place Their Bets

In related news, Director Haiyan Song acquired 10,000 shares of Eos Energy Enterprises stock in a transaction that occurred on Friday, September 11th. The stock was acquired at an average price of $3.95 per share, with a total value of $39,500.00. Following the completion of the acquisition, the director directly owned 10,000 shares of the company’s stock, valued at $39,500. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nathan Kroeker sold 110,417 shares of the company’s stock in a transaction dated Tuesday, July 28th. The stock was sold at an average price of $3.36, for a total transaction of $371,001.12. Following the completion of the sale, the insider directly owned 887,527 shares of the company’s stock, valued at $2,982,090.72. The trade was a 11.06% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 626,655 shares of company stock valued at $2,336,158 over the last three months. 1.73% of the stock is currently owned by company insiders.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Renaissance Technologies LLC acquired a new stake in shares of Eos Energy Enterprises in the 1st quarter worth approximately $9,152,000. Quantinno Capital Management LP increased its stake in shares of Eos Energy Enterprises by 8,418.9% during the first quarter. Quantinno Capital Management LP now owns 1,078,070 shares of the company’s stock valued at $5,347,000 after acquiring an additional 1,065,415 shares during the period. Wellington Management Group LLP increased its stake in shares of Eos Energy Enterprises by 475.8% during the second quarter. Wellington Management Group LLP now owns 1,155,515 shares of the company’s stock valued at $6,794,000 after acquiring an additional 954,828 shares during the period. Bank of New York Mellon Corp acquired a new position in shares of Eos Energy Enterprises during the second quarter valued at approximately $5,530,000. Finally, Bank of America Corp DE increased its stake in shares of Eos Energy Enterprises by 89.1% during the first quarter. Bank of America Corp DE now owns 1,247,548 shares of the company’s stock valued at $6,188,000 after acquiring an additional 587,752 shares during the period. 54.87% of the stock is currently owned by institutional investors.

About Eos Energy Enterprises

Eos Energy Enterprises, Inc develops and manufactures long-duration energy storage systems designed to support the electric grid and renewable energy projects. Its technology is based on aqueous zinc battery chemistry, which is intended to provide a safer, nonflammable alternative to conventional lithium-ion systems for stationary energy storage.

The company’s primary product is the Eos Z3 energy storage system, a modular, utility-scale battery platform designed for applications such as renewable energy integration, grid resilience, peak-load management, and microgrids.