Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 6.9% – What’s Next?

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

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the company. Roth Mkm reduced their price objective on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Stifel Nicolaus reiterated a “buy” rating and issued a $6.00 target price on shares of Eos Energy Enterprises in a report on Wednesday, August 21st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Eos Energy Enterprises has an average rating of “Moderate Buy” and an average target price of $3.90.

Eos Energy Enterprises Stock Down 3.2 %

The company’s 50 day simple moving average is $2.96 and its 200-day simple moving average is $2.27. The firm has a market cap of $852.04 million, a P/E ratio of -1.56 and a beta of 2.31.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently bought and sold shares of EOSE. Tidal Investments LLC purchased a new stake in Eos Energy Enterprises in the 3rd quarter valued at about $993,000. Virtu Financial LLC bought a new position in shares of Eos Energy Enterprises during the third quarter valued at approximately $206,000. Geode Capital Management LLC increased its holdings in 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 buying an additional 376,494 shares during the period. State Street Corp raised its stake in 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 buying an additional 75,657 shares in the last quarter. Finally, Walleye Capital LLC purchased a new stake in Eos Energy Enterprises during the third quarter worth $48,000. Hedge funds and other 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.