Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up - Here's Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s stock price gapped up before the market opened on Friday . The stock had previously closed at $5.30, but opened at $5.95. Eos Energy Enterprises shares last traded at $6.18, with a volume of 13,481,918 shares traded.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on EOSE shares. Stifel Nicolaus dropped their target price on Eos Energy Enterprises from $9.00 to $8.50 and set a "buy" rating on the stock in a research report on Monday, June 9th. Wall Street Zen downgraded Eos Energy Enterprises from a "hold" rating to a "sell" rating in a research report on Saturday, July 5th. Guggenheim dropped their target price on Eos Energy Enterprises from $7.00 to $6.00 and set a "buy" rating on the stock in a research report on Monday, June 2nd. Finally, TD Cowen upgraded Eos Energy Enterprises to a "hold" rating in a research report on Monday, June 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $6.50.

Eos Energy Enterprises Price Performance

The stock has a 50 day moving average price of $5.04 and a 200-day moving average price of $4.90. The stock has a market capitalization of $1.34 billion, a P/E ratio of -1.33 and a beta of 2.01.

Eos Energy Enterprises (NASDAQ:EOSE - Get Free Report) last posted its earnings results 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 company had revenue of $10.46 million during the quarter, compared to the consensus estimate of $11.77 million. Research analysts predict that Eos Energy Enterprises, Inc. will post -2.54 earnings per share for the current fiscal year.

Insider Buying and Selling at Eos Energy Enterprises

In other news, CEO Joe Mastrangelo sold 127,152 shares of the business's stock in a transaction on Tuesday, July 8th. The shares were sold at an average price of $4.92, for a total transaction of $625,587.84. Following the completion of the sale, the chief executive officer owned 1,236,560 shares of the company's stock, valued at $6,083,875.20. The trade was a 9.32% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Sumeet Puri sold 36,173 shares of the company's stock in a transaction on Friday, May 16th. The stock was sold at an average price of $6.86, for a total transaction of $248,146.78. Following the completion of the transaction, the chief accounting officer directly owned 95,624 shares of the company's stock, valued at $655,980.64. This represents a 27.45% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 758,886 shares of company stock worth $4,827,806. 3.63% of the stock is currently owned by insiders.

Institutional Trading of Eos Energy Enterprises

Several hedge funds have recently made changes to their positions in EOSE. Legal & General Group Plc grew its stake 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 acquiring an additional 4,796,626 shares in the last quarter. Driehaus Capital Management LLC purchased a new position in shares of Eos Energy Enterprises in the first quarter worth $13,456,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. purchased a new position in shares of Eos Energy Enterprises in the fourth quarter worth $16,632,000. Alyeska Investment Group L.P. raised its holdings in shares of Eos Energy Enterprises by 714.3% in the fourth quarter. Alyeska Investment Group L.P. now owns 1,628,500 shares of the company's stock worth $7,915,000 after buying an additional 1,428,500 shares during the last quarter. Finally, American Financial Group Inc. raised its holdings in shares of Eos Energy Enterprises by 174.0% in the first quarter. American Financial Group Inc. now owns 1,861,930 shares of the company's stock worth $7,038,000 after buying an additional 1,182,310 shares during the last quarter. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

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.