Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 4.9% – What’s Next?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 4.9% during trading on Tuesday . The company traded as low as $4.46 and last traded at $4.51. Approximately 2,748,760 shares were traded during trading, a decline of 67% from the average daily volume of 8,317,142 shares. The stock had previously closed at $4.74.

Analysts Set New Price Targets

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

Eos Energy Enterprises Stock Up 18.5 %

The stock’s 50-day moving average price is $3.72 and its 200 day moving average price is $2.87. The firm has a market capitalization of $1.34 billion, a price-to-earnings ratio of -2.56 and a beta of 2.09.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Millennium Management LLC increased its holdings in shares of Eos Energy Enterprises by 5,744.5% in the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock valued at $4,018,000 after purchasing an additional 3,109,880 shares during the last quarter. NewEdge Advisors LLC boosted its stake in Eos Energy Enterprises by 30.2% during 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 last quarter. Geode Capital Management LLC grew its holdings in Eos Energy Enterprises by 18.0% in the 3rd quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company’s stock valued at $7,335,000 after buying an additional 376,494 shares in the last quarter. Brightline Capital Management LLC acquired a new stake in shares of Eos Energy Enterprises in the 3rd quarter worth $4,871,000. Finally, State Street Corp raised its holdings in shares of Eos Energy Enterprises by 9.5% during the 3rd quarter. State Street Corp now owns 875,439 shares of the company’s stock worth $2,600,000 after acquiring an additional 75,657 shares during the period. 54.87% of the stock is 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.