Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 4.9% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price traded down 4.9% on Tuesday . The stock traded as low as $4.46 and last traded at $4.51. 2,748,760 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 8,317,142 shares. The stock had previously closed at $4.74.

Analyst Upgrades and Downgrades

Separately, Roth Mkm reduced 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 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 data from MarketBeat.com, Eos Energy Enterprises has a consensus rating of “Moderate Buy” and an average price target of $3.90.

Eos Energy Enterprises Price Performance

The company has a market cap of $1.34 billion, a PE ratio of -2.56 and a beta of 2.09. The company’s 50 day simple moving average is $3.72 and its two-hundred day simple moving average is $2.87.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently bought and sold shares of EOSE. Millennium Management LLC grew 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Eos Energy Enterprises during the 2nd quarter worth $216,000. Geode Capital Management LLC increased its holdings in 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 purchasing an additional 376,494 shares during the period. Tidal Investments LLC acquired a new stake in Eos Energy Enterprises in the 3rd quarter valued at about $993,000. Finally, State Street Corp boosted its stake in shares of Eos Energy Enterprises by 9.5% in the 3rd quarter. State Street Corp now owns 875,439 shares of the company’s stock valued at $2,600,000 after buying an additional 75,657 shares during the period. 54.87% of the stock is currently 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.