Eos Energy Enterprises (NASDAQ:EOSE) Trading Up 9.2% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE)’s stock price traded up 9.2% during trading on Thursday . The company traded as high as $5.93 and last traded at $5.94. 1,375,744 shares changed hands during trading, a decline of 84% from the average session volume of 8,711,193 shares. The stock had previously closed at $5.44.

Wall Street Analyst Weigh In

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

Eos Energy Enterprises Stock Performance

The business’s fifty day moving average price is $4.42 and its 200-day moving average price is $3.16. The stock has a market cap of $1.27 billion, a PE ratio of -2.43 and a beta of 2.09.

Institutional Investors Weigh In On Eos Energy Enterprises

A number of hedge funds have recently added to or reduced their stakes in the stock. Hollencrest Capital Management boosted its stake in shares of Eos Energy Enterprises by 1,000.0% in the 3rd quarter. Hollencrest Capital Management now owns 8,250 shares of the company’s stock worth $25,000 after buying an additional 7,500 shares during the last quarter. R Squared Ltd purchased a new position in Eos Energy Enterprises in the fourth quarter worth about $31,000. WESPAC Advisors LLC bought a new stake in shares of Eos Energy Enterprises during the 3rd quarter valued at about $32,000. Scientech Research LLC bought a new stake in shares of Eos Energy Enterprises during the 2nd quarter valued at about $36,000. Finally, Focused Wealth Management Inc purchased a new stake in shares of Eos Energy Enterprises during the 3rd quarter valued at about $46,000. 54.87% of the stock is currently owned by hedge funds and other institutional investors.

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.