Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 10.6% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares traded down 10.6% during mid-day 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.

Analysts Set New Price Targets

Separately, Roth Mkm lowered 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 investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, Eos Energy Enterprises has a consensus rating of “Moderate Buy” and a consensus price target of $3.90.

Eos Energy Enterprises Trading Down 9.4 %

The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -2.27 and a beta of 2.09. The company’s 50 day simple moving average is $3.92 and its 200-day simple moving average is $2.98.

Institutional Trading of Eos Energy Enterprises

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Hollencrest Capital Management lifted its stake in shares of Eos Energy Enterprises by 1,000.0% during the 3rd quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock worth $25,000 after purchasing an additional 7,500 shares during the period. WESPAC Advisors LLC acquired a new stake in Eos Energy Enterprises in the 3rd quarter worth about $32,000. Scientech Research LLC purchased a new stake in Eos Energy Enterprises in the 2nd quarter valued at about $36,000. Focused Wealth Management Inc purchased a new stake in Eos Energy Enterprises in the 3rd quarter valued at about $46,000. Finally, Walleye Capital LLC acquired a new position in shares of Eos Energy Enterprises during the 3rd quarter valued at about $48,000. 54.87% of the stock is owned by hedge funds and other institutional investors.

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.