Eos Energy Enterprises (NASDAQ:EOSE) Shares Down 4.5% – Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price was down 4.5% on Wednesday . The stock traded as low as $5.65 and last traded at $5.68. Approximately 3,040,180 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 8,582,544 shares. The stock had previously closed at $5.94.

Analyst Upgrades and Downgrades

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

Eos Energy Enterprises Trading Down 2.4 %

The stock has a market cap of $1.16 billion, a price-to-earnings ratio of -2.21 and a beta of 2.10. The firm’s 50-day moving average is $4.78 and its two-hundred day moving average is $3.30.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Millennium Management LLC lifted its stake in shares of Eos Energy Enterprises by 5,744.5% in the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock worth $4,018,000 after buying an additional 3,109,880 shares in the last quarter. Cubist Systematic Strategies LLC lifted its stake in Eos Energy Enterprises by 138,544.3% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 134,485 shares of the company’s stock worth $171,000 after purchasing an additional 134,388 shares in the last quarter. Venture Visionary Partners LLC acquired a new position in shares of Eos Energy Enterprises during the 3rd quarter worth approximately $59,000. CENTRAL TRUST Co purchased a new stake in shares of Eos Energy Enterprises in the third quarter valued at approximately $148,000. Finally, Cutter & CO Brokerage Inc. acquired a new stake in shares of Eos Energy Enterprises in the third quarter valued at approximately $256,000. 54.87% of the stock is owned by institutional investors and hedge funds.

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.