Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up - Time to Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s share price gapped up prior to trading on Friday . The stock had previously closed at $4.58, but opened at $4.79. Eos Energy Enterprises shares last traded at $4.77, with a volume of 3,914,765 shares traded.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on EOSE shares. Guggenheim lowered their price objective on Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating for the company in a research report on Monday, June 2nd. Cowen reissued a "hold" rating on shares of Eos Energy Enterprises in a research report on Friday, March 7th. Stifel Nicolaus lowered their price target on Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating for the company in a research report on Monday, June 9th. Roth Mkm cut Eos Energy Enterprises from a "buy" rating to a "neutral" rating and lifted their price target for the stock from $4.00 to $5.00 in a research report on Thursday, February 20th. Finally, Roth Capital cut Eos Energy Enterprises from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 20th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $6.50.

Eos Energy Enterprises Trading Down 2.0%

The stock has a 50-day simple moving average of $5.16 and a 200 day simple moving average of $4.77. The company has a market cap of $1.02 billion, a price-to-earnings ratio of -1.02 and a beta of 1.97.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.01). The firm had revenue of $10.46 million during the quarter, compared to analyst estimates of $11.77 million. As a group, research analysts forecast that Eos Energy Enterprises, Inc. will post -2.54 EPS for the current fiscal year.

Insider Activity

In other news, CAO Sumeet Puri sold 36,173 shares of the business's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $6.86, for a total value of $248,146.78. Following the completion of the transaction, the chief accounting officer now owns 95,624 shares of the company's stock, valued at $655,980.64. The trade was a 27.45% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Joe Mastrangelo sold 270,384 shares of the business's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $6.86, for a total value of $1,854,834.24. Following the completion of the transaction, the chief executive officer now directly owns 1,109,409 shares of the company's stock, valued at approximately $7,610,545.74. This trade represents a 19.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 560,356 shares of company stock valued at $3,844,042 in the last quarter. 3.63% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of large investors have recently bought and sold shares of EOSE. Legal & General Group Plc raised its holdings in Eos Energy Enterprises by 61,220.5% in the 4th quarter. Legal & General Group Plc now owns 4,804,461 shares of the company's stock worth $23,350,000 after purchasing an additional 4,796,626 shares during the period. Driehaus Capital Management LLC acquired a new position in Eos Energy Enterprises in the 1st quarter worth about $13,456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new position in Eos Energy Enterprises in the 4th quarter worth about $16,632,000. Alyeska Investment Group L.P. raised its holdings in Eos Energy Enterprises by 714.3% in the 4th quarter. Alyeska Investment Group L.P. now owns 1,628,500 shares of the company's stock worth $7,915,000 after purchasing an additional 1,428,500 shares during the period. Finally, Barings LLC raised its holdings in Eos Energy Enterprises by 100.5% in the 4th quarter. Barings LLC now owns 2,403,448 shares of the company's stock worth $11,681,000 after purchasing an additional 1,204,430 shares during the period. Institutional investors and hedge funds 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.