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

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

Analyst Upgrades and Downgrades

Separately, Roth Mkm reduced their price target on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $3.90.

Eos Energy Enterprises Price Performance

The firm has a market cap of $1.06 billion, a PE ratio of -2.02 and a beta of 2.31. The business has a 50-day moving average price of $3.28 and a two-hundred day moving average price of $2.57.

Hedge Funds Weigh In On Eos Energy Enterprises

Several hedge funds and other institutional investors have recently modified their holdings of EOSE. Millennium Management LLC raised its holdings in shares of Eos Energy Enterprises by 5,744.5% during the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock valued at $4,018,000 after buying an additional 3,109,880 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter worth approximately $216,000. Tidal Investments LLC acquired a new position in shares of Eos Energy Enterprises in the 3rd quarter worth approximately $993,000. State Street Corp grew its position 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 worth $2,600,000 after acquiring an additional 75,657 shares in the last quarter. Finally, NewEdge Advisors LLC boosted its position in Eos Energy Enterprises by 30.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after purchasing an additional 600,143 shares during the period. 54.87% of the stock is owned by institutional investors and hedge funds.

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.