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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $2.89, but opened at $3.30. Eos Energy Enterprises shares last traded at $3.18, with a volume of 6,262,097 shares changing hands.

Wall Street Analysts Forecast Growth

EOSE has been the topic of a number of research analyst reports. Stifel Nicolaus reissued a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Roth Mkm decreased their price objective on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Eos Energy Enterprises has a consensus rating of “Moderate Buy” and a consensus price target of $3.90.

Eos Energy Enterprises Stock Performance

The firm has a market capitalization of $649.37 million, a PE ratio of -1.32 and a beta of 2.32. The stock’s 50-day simple moving average is $2.87 and its 200-day simple moving average is $2.08.

Insider Buying and Selling

In other news, Director Jeffrey S. Bornstein sold 30,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $2.62, for a total value of $78,600.00. Following the sale, the director now directly owns 84,929 shares of the company’s stock, valued at approximately $222,513.98. This represents a 26.10 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 3.80% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hollencrest Capital Management raised its holdings in Eos Energy Enterprises by 1,000.0% in the 3rd quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock worth $25,000 after acquiring an additional 7,500 shares during the last quarter. WESPAC Advisors LLC purchased a new position in Eos Energy Enterprises in the 3rd quarter worth about $32,000. Focused Wealth Management Inc bought a new position in Eos Energy Enterprises during the 3rd quarter valued at about $46,000. Walleye Capital LLC bought a new stake in shares of Eos Energy Enterprises in the third quarter worth approximately $48,000. Finally, Price T Rowe Associates Inc. MD lifted its position in Eos Energy Enterprises by 74.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock valued at $46,000 after purchasing an additional 18,735 shares during the period. Institutional investors own 54.87% of the company’s stock.

About Eos Energy Enterprises

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.