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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price gapped up prior to trading on Friday . The stock had previously closed at $5.17, but opened at $5.30. Eos Energy Enterprises shares last traded at $5.32, with a volume of 1,977,645 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Roth Mkm lowered their price objective on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a research report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.90.

Eos Energy Enterprises Price Performance

The company has a 50-day moving average of $3.20 and a 200-day moving average of $2.50. The company has a market cap of $1.13 billion, a PE ratio of -2.15 and a beta of 2.32.

Institutional Trading of Eos Energy Enterprises

Several hedge funds have recently made changes to their positions in EOSE. Millennium Management LLC boosted its position in Eos Energy Enterprises by 5,744.5% during the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock worth $4,018,000 after purchasing an additional 3,109,880 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at approximately $216,000. Tidal Investments LLC bought a new position in Eos Energy Enterprises in the 3rd quarter worth approximately $993,000. NewEdge Advisors LLC boosted its holdings in Eos Energy Enterprises by 30.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock worth $3,288,000 after buying an additional 600,143 shares during the period. Finally, Cullen Frost Bankers Inc. grew its stake in Eos Energy Enterprises by 40.0% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 70,000 shares of the company’s stock valued at $89,000 after buying an additional 20,000 shares in the last quarter. 54.87% of the stock is currently owned by 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.