Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 8.6% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price dropped 8.6% during mid-day trading on Tuesday . The stock traded as low as $5.42 and last traded at $5.35. Approximately 2,554,936 shares were traded during trading, a decline of 71% from the average daily volume of 8,957,952 shares. The stock had previously closed at $5.85.

Analysts Set New Price Targets

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

Eos Energy Enterprises Stock Up 6.8 %

The firm has a 50 day moving average of $4.42 and a two-hundred day moving average of $3.16. The firm has a market capitalization of $1.27 billion, a price-to-earnings ratio of -2.41 and a beta of 2.09.

Institutional Trading of Eos Energy Enterprises

Several hedge funds and other institutional investors have recently made changes to their positions in EOSE. Millennium Management LLC grew its holdings in shares of 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 last quarter. Brightline Capital Management LLC bought a new position in shares of Eos Energy Enterprises during the 3rd quarter worth approximately $4,871,000. NewEdge Advisors LLC boosted its holdings in shares of Eos Energy Enterprises by 30.2% during 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 in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Eos Energy Enterprises by 18.0% during the 3rd quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company’s stock worth $7,335,000 after buying an additional 376,494 shares in the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Eos Energy Enterprises during the 3rd quarter worth approximately $993,000. 54.87% of the stock is currently owned by institutional investors.

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.