Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 4.1% – Here’s Why

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) fell 4.1% during trading on Monday . The stock traded as low as $2.59 and last traded at $2.59. 1,011,765 shares changed hands during trading, a decline of 85% from the average session volume of 6,781,706 shares. The stock had previously closed at $2.70.

Wall Street Analysts Forecast Growth

EOSE has been the topic of a number of research reports. Roth Mkm dropped their price objective on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a report on Thursday, November 7th. Stifel Nicolaus restated a “buy” rating and issued a $6.00 price objective on shares of Eos Energy Enterprises in a research note on Wednesday, August 21st. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Eos Energy Enterprises has an average rating of “Moderate Buy” and an average price target of $3.90.

Eos Energy Enterprises Trading Up 0.7 %

The stock has a 50 day simple moving average of $2.85 and a 200-day simple moving average of $2.03. The firm has a market cap of $588.36 million, a PE ratio of -1.15 and a beta of 2.38.

Insider Activity

In other news, Director Jeffrey S. Bornstein sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $2.62, for a total transaction of $78,600.00. Following the sale, the director now directly owns 84,929 shares of the company’s stock, valued at $222,513.98. This represents a 26.10 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Eos Energy Enterprises

Several large investors have recently bought and sold shares of EOSE. Vanguard Group Inc. increased its holdings in shares of Eos Energy Enterprises by 6.6% in the 1st quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock worth $9,657,000 after buying an additional 580,022 shares during the last quarter. Millennium Management LLC raised its position in Eos Energy Enterprises by 5,744.5% during the second quarter. Millennium Management LLC now owns 3,164,017 shares of the company’s stock valued at $4,018,000 after purchasing an additional 3,109,880 shares during the period. NewEdge Advisors LLC lifted its stake in shares of Eos Energy Enterprises by 30.2% in the 2nd quarter. NewEdge Advisors LLC now owns 2,588,823 shares of the company’s stock valued at $3,288,000 after purchasing an additional 600,143 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of 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 worth $7,335,000 after purchasing an additional 376,494 shares during the period. Finally, Brightline Capital Management LLC bought a new position in shares of Eos Energy Enterprises during the 3rd quarter valued at approximately $4,871,000. Institutional investors 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.