Eos Energy Enterprises (NASDAQ:EOSE) Shares Gap Up - Should You Buy?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) gapped up prior to trading on Wednesday . The stock had previously closed at $3.91, but opened at $4.33. Eos Energy Enterprises shares last traded at $4.41, with a volume of 4,572,804 shares traded.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Roth Mkm lowered their target price on Eos Energy Enterprises from $4.50 to $4.00 and set a "buy" rating for the company in a research note on Thursday, November 7th. Stifel Nicolaus reiterated a "buy" rating and set a $6.00 price objective on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $3.90.

Eos Energy Enterprises Stock Performance

The company has a market capitalization of $880.36 million, a PE ratio of -1.68 and a beta of 2.31. The company has a 50 day moving average price of $3.00 and a 200 day moving average price of $2.30.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of institutional investors have recently modified their holdings of EOSE. Millennium Management LLC lifted its position in shares of Eos Energy Enterprises by 5,744.5% in the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company's stock worth $4,018,000 after buying an additional 3,109,880 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Eos Energy Enterprises during the 2nd quarter valued at approximately $216,000. NewEdge Advisors LLC increased its position in Eos Energy Enterprises by 30.2% in the second 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. Cullen Frost Bankers Inc. boosted its holdings in shares of Eos Energy Enterprises by 40.0% during the second quarter. Cullen Frost Bankers Inc. now owns 70,000 shares of the company's stock valued at $89,000 after acquiring an additional 20,000 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund bought a new position in shares of Eos Energy Enterprises during the third quarter worth about $741,000. 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.