Eos Energy Enterprises (NASDAQ:EOSE) Trading 8.9% Higher – What’s Next?

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s share price traded up 8.9% on Wednesday . The stock traded as high as $5.03 and last traded at $5.01. 1,950,744 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 8,013,365 shares. The stock had previously closed at $4.60.

Analyst Ratings Changes

Separately, Roth Mkm lowered their price target on shares of Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating for the company in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, Eos Energy Enterprises presently has an average rating of “Moderate Buy” and an average target price of $3.90.

Eos Energy Enterprises Price Performance

The stock has a market capitalization of $1.34 billion, a P/E ratio of -2.56 and a beta of 2.09. The firm’s 50 day moving average price is $3.79 and its 200 day moving average price is $2.90.

Hedge Funds Weigh In On Eos Energy Enterprises

Hedge funds and other institutional investors have recently modified their holdings of the stock. Millennium Management LLC increased its position in shares of 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 buying an additional 3,109,880 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Eos Energy Enterprises during the second quarter valued at about $216,000. Geode Capital Management LLC increased its position in shares of Eos Energy Enterprises by 18.0% during the third 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. Tidal Investments LLC purchased a new position in shares of Eos Energy Enterprises during the third quarter valued at about $993,000. Finally, State Street Corp grew its holdings in Eos Energy Enterprises by 9.5% in the third quarter. State Street Corp now owns 875,439 shares of the company’s stock worth $2,600,000 after purchasing an additional 75,657 shares during the period. Hedge funds and other 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.