Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 4.9% - Time to Sell?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) were down 4.9% during trading on Tuesday . The company traded as low as $4.46 and last traded at $4.51. Approximately 2,748,760 shares changed hands during mid-day trading, a decline of 67% from the average daily volume of 8,317,142 shares. The stock had previously closed at $4.74.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm decreased their target price on shares of 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $3.90.

Eos Energy Enterprises Stock Down 3.0 %

The company's 50-day moving average is $3.67 and its 200-day moving average is $2.86. The stock has a market capitalization of $1.00 billion, a price-to-earnings ratio of -1.91 and a beta of 2.09.

Institutional Trading of Eos Energy Enterprises

A number of hedge funds and other institutional investors have recently made changes to their positions in EOSE. Millennium Management LLC grew its position in 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 acquiring an additional 3,109,880 shares during the period. Brightline Capital Management LLC purchased a new position in shares of Eos Energy Enterprises during the 3rd quarter worth $4,871,000. NewEdge Advisors LLC increased its position in shares of Eos Energy Enterprises by 30.2% during the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company's stock worth $3,288,000 after purchasing an additional 600,143 shares during the last quarter. Geode Capital Management LLC raised its holdings in Eos Energy Enterprises by 18.0% in the 3rd 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. Finally, Tidal Investments LLC acquired a new position in Eos Energy Enterprises in the third quarter valued at about $993,000. Institutional investors and hedge funds own 54.87% of the company's stock.

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.