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

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares gapped up prior to trading on Tuesday . The stock had previously closed at $4.22, but opened at $4.43. Eos Energy Enterprises shares last traded at $4.71, with a volume of 1,516,548 shares traded.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EOSE. Roth Mkm downgraded shares of Eos Energy Enterprises from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $4.00 to $5.00 in a research report on Thursday, February 20th. Roth Capital downgraded shares of Eos Energy Enterprises from a “strong-buy” rating to a “hold” rating in a research note on Thursday, February 20th. Cowen reaffirmed a “hold” rating on shares of Eos Energy Enterprises in a research report on Friday, March 7th. Finally, Guggenheim reissued a “buy” rating and set a $7.00 price target on shares of Eos Energy Enterprises in a research report on Tuesday, March 18th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $4.70.

Eos Energy Enterprises Price Performance

The business has a 50 day simple moving average of $4.30 and a 200 day simple moving average of $4.03. The stock has a market cap of $1.11 billion, a PE ratio of -2.02 and a beta of 2.17.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc grew its position in Eos Energy Enterprises by 61,220.5% in the fourth 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. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. bought a new position in Eos Energy Enterprises during the fourth quarter valued at about $16,632,000. Alyeska Investment Group L.P. raised its holdings in Eos Energy Enterprises by 714.3% during the fourth quarter. Alyeska Investment Group L.P. now owns 1,628,500 shares of the company’s stock valued at $7,915,000 after buying an additional 1,428,500 shares in the last quarter. Barings LLC lifted its position in shares of Eos Energy Enterprises by 100.5% in the fourth quarter. Barings LLC now owns 2,403,448 shares of the company’s stock worth $11,681,000 after buying an additional 1,204,430 shares during the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Eos Energy Enterprises by 154.6% during the 4th quarter. Marshall Wace LLP now owns 893,818 shares of the company’s stock worth $4,344,000 after acquiring an additional 542,718 shares in the last quarter. Institutional investors and hedge funds own 54.87% of the company’s stock.

Eos Energy Enterprises Company Profile

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.