Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 5.4% – Here’s What Happened

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) were down 5.4% during trading on Tuesday . The stock traded as low as $4.74 and last traded at $4.86. Approximately 4,100,242 shares traded hands during trading, a decline of 42% from the average daily volume of 7,011,155 shares. The stock had previously closed at $5.14.

Analyst Ratings Changes

Separately, Roth Mkm dropped their price target 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 equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3.90.

Eos Energy Enterprises Stock Down 5.4 %

The firm’s fifty day moving average price is $3.28 and its 200 day moving average price is $2.57. The stock has a market cap of $1.06 billion, a PE ratio of -2.02 and a beta of 2.31.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Millennium Management LLC lifted its stake in 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 worth $4,018,000 after acquiring an additional 3,109,880 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Eos Energy Enterprises during the second quarter valued at about $216,000. Tidal Investments LLC acquired a new position in Eos Energy Enterprises in the 3rd quarter worth approximately $993,000. State Street Corp increased its holdings in Eos Energy Enterprises by 9.5% in the 3rd quarter. State Street Corp now owns 875,439 shares of the company’s stock worth $2,600,000 after buying an additional 75,657 shares during the period. Finally, NewEdge Advisors LLC grew its stake 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 purchasing an additional 600,143 shares during the period. Institutional investors 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.