Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 6.9% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 6.9% during mid-day trading on Tuesday . The company traded as low as $3.73 and last traded at $3.76. Approximately 5,409,727 shares changed hands during trading, a decline of 21% from the average daily volume of 6,851,190 shares. The stock had previously closed at $4.04.

Analyst Upgrades and Downgrades

EOSE has been the topic of a number of research analyst reports. Stifel Nicolaus restated a “buy” rating and set a $6.00 price objective on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. 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 report on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $3.90.

Eos Energy Enterprises Stock Up 6.9 %

The firm has a market capitalization of $941.38 million, a price-to-earnings ratio of -1.79 and a beta of 2.31. The company’s 50 day moving average is $3.00 and its 200 day moving average is $2.30.

Hedge Funds Weigh In On Eos Energy Enterprises

A number of hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management raised its position in Eos Energy Enterprises by 1,000.0% during the third quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock valued at $25,000 after purchasing an additional 7,500 shares in the last quarter. WESPAC Advisors LLC acquired a new position in shares of Eos Energy Enterprises during the 3rd quarter worth $32,000. Ground Swell Capital LLC bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth $34,000. Scientech Research LLC acquired a new stake in Eos Energy Enterprises in the second quarter valued at about $36,000. Finally, Focused Wealth Management Inc bought a new position in Eos Energy Enterprises in the third quarter valued at about $46,000. Institutional investors own 54.87% of the company’s stock.

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.