Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 10.6% – Time to Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 10.6% during mid-day trading on Tuesday . The stock traded as low as $5.64 and last traded at $5.38. Approximately 2,433,747 shares were traded during trading, a decline of 73% from the average daily volume of 9,082,292 shares. The stock had previously closed at $6.02.

Wall Street Analyst Weigh In

Separately, Roth Mkm cut their target price 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 research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $3.90.

Eos Energy Enterprises Price Performance

The company has a market cap of $1.19 billion, a PE ratio of -2.27 and a beta of 2.09. The company has a 50-day moving average price of $3.92 and a two-hundred day moving average price of $2.98.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds have recently made changes to their positions in the company. Millennium Management LLC grew its holdings in 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 purchasing an additional 3,109,880 shares in the last quarter. NewEdge Advisors LLC boosted its position in Eos Energy Enterprises by 30.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after buying an additional 600,143 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Eos Energy Enterprises by 18.0% during the third quarter. Geode Capital Management LLC now owns 2,468,648 shares of the company’s stock valued at $7,335,000 after acquiring an additional 376,494 shares in the last quarter. Brightline Capital Management LLC purchased a new stake in shares of Eos Energy Enterprises during the third quarter worth about $4,871,000. Finally, State Street Corp lifted its stake in shares of Eos Energy Enterprises by 9.5% in the third 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. Hedge funds and other 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.