Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 10.6% – What’s Next?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) traded down 10.6% during trading on Tuesday . The company traded as low as $5.64 and last traded at $5.38. 2,433,747 shares changed hands during trading, a decline of 73% from the average session volume of 9,082,292 shares. The stock had previously closed at $6.02.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reduced their price objective on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a research note 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, the company currently has an average rating of “Moderate Buy” and an average price target of $3.90.

Eos Energy Enterprises Stock Up 6.0 %

The firm’s 50 day simple moving average is $4.06 and its 200 day simple moving average is $3.02. The company has a market capitalization of $1.35 billion, a PE ratio of -2.57 and a beta of 2.09.

Institutional Investors Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the business. R Squared Ltd purchased a new position in Eos Energy Enterprises in the 4th quarter worth about $31,000. Flagship Private Wealth LLC increased its position in shares of Eos Energy Enterprises by 68.7% during the fourth quarter. Flagship Private Wealth LLC now owns 55,291 shares of the company’s stock worth $269,000 after acquiring an additional 22,525 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new stake in shares of Eos Energy Enterprises during the fourth quarter valued at approximately $58,000. Lake Street Private Wealth LLC bought a new stake in shares of Eos Energy Enterprises during the fourth quarter valued at approximately $51,000. Finally, Tidal Investments LLC purchased a new stake in shares of Eos Energy Enterprises in the third quarter valued at approximately $993,000. 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.