Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 10.6% - Should You Sell?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report)'s stock price was down 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 changed hands 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 price objective on Eos Energy Enterprises from $4.50 to $4.00 and set a "buy" rating on the stock in a report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $3.90.

Eos Energy Enterprises Stock Performance

The company has a fifty day simple moving average of $3.92 and a 200 day simple moving average of $2.98. The stock has a market capitalization of $1.25 billion, a price-to-earnings ratio of -2.38 and a beta of 2.09.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in EOSE. Point72 DIFC Ltd acquired a new position in shares of Eos Energy Enterprises in the 2nd quarter valued at about $83,000. Cubist Systematic Strategies LLC lifted its stake in Eos Energy Enterprises by 138,544.3% in the second quarter. Cubist Systematic Strategies LLC now owns 134,485 shares of the company's stock valued at $171,000 after buying an additional 134,388 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Eos Energy Enterprises during the 2nd quarter worth approximately $216,000. Millennium Management LLC increased its stake in shares of Eos Energy Enterprises by 5,744.5% in the 2nd quarter. Millennium Management LLC now owns 3,164,017 shares of the company's stock valued at $4,018,000 after acquiring an additional 3,109,880 shares in the last quarter. Finally, Scientech Research LLC bought a new position in Eos Energy Enterprises during the second quarter worth $36,000. 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.