Eos Energy Enterprises (NASDAQ:EOSE) Stock Price Down 8.5% - Here's Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE - Get Free Report) fell 8.5% during trading on Monday . The stock traded as low as $3.46 and last traded at $3.50. 6,832,997 shares traded hands during mid-day trading, a decline of 7% from the average session volume of 7,369,484 shares. The stock had previously closed at $3.82.

Analyst Ratings Changes

Several equities research analysts have issued reports on EOSE shares. Cowen reaffirmed a "hold" rating on shares of Eos Energy Enterprises in a research note on Friday, March 7th. Roth Capital lowered shares of Eos Energy Enterprises from a "strong-buy" rating to a "hold" rating in a research report on Thursday, February 20th. Guggenheim reiterated a "buy" rating and issued a $7.00 price objective on shares of Eos Energy Enterprises in a report on Tuesday, March 18th. Finally, Roth Mkm cut Eos Energy Enterprises from a "buy" rating to a "neutral" rating and boosted their target price for the stock from $4.00 to $5.00 in a report on Thursday, February 20th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Eos Energy Enterprises presently has an average rating of "Hold" and an average target price of $4.70.

Eos Energy Enterprises Price Performance

The business's 50 day simple moving average is $4.32 and its 200 day simple moving average is $4.01. The company has a market capitalization of $958.51 million, a PE ratio of -1.76 and a beta of 2.17.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the business. Parkside Financial Bank & Trust purchased a new stake in Eos Energy Enterprises in the fourth quarter valued at $29,000. R Squared Ltd acquired a new position in Eos Energy Enterprises during the fourth quarter worth $31,000. Carmel Capital Partners LLC acquired a new stake in shares of Eos Energy Enterprises in the fourth quarter valued at $49,000. Lake Street Private Wealth LLC purchased a new stake in shares of Eos Energy Enterprises in the 4th quarter valued at $51,000. Finally, Parallel Advisors LLC acquired a new position in Eos Energy Enterprises during the 1st quarter worth about $43,000. 54.87% of the stock is currently owned by institutional investors and hedge funds.

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.