Eos Energy Enterprises (NASDAQ:EOSE) Shares Up 8.4% – Here’s What Happened

Eos Energy Enterprises, Inc. (NASDAQ:EOSE) shares traded up 8.4% on Thursday . The company traded as high as $4.43 and last traded at $4.38. 1,536,212 shares were traded during mid-day trading, a decline of 78% from the average session volume of 6,898,860 shares. The stock had previously closed at $4.04.

Analysts Set New Price Targets

EOSE has been the topic of a number of research analyst reports. Roth Mkm decreased their target price on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a research report on Thursday, November 7th. Stifel Nicolaus reaffirmed a “buy” rating and set a $6.00 price target 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 four have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3.90.

Eos Energy Enterprises Price Performance

The company has a market cap of $886.90 million, a PE ratio of -1.69 and a beta of 2.31. The firm has a 50-day simple moving average of $3.00 and a two-hundred day simple moving average of $2.30.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Millennium Management LLC raised its position in shares of 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 valued at $4,018,000 after buying an additional 3,109,880 shares during the last quarter. NewEdge Advisors LLC raised its holdings in 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 acquiring an additional 600,143 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of Eos Energy Enterprises by 18.0% during 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. Brightline Capital Management LLC acquired a new stake in shares of Eos Energy Enterprises during the third quarter worth $4,871,000. Finally, State Street Corp grew its position in shares of Eos Energy Enterprises by 9.5% in the third quarter. State Street Corp now owns 875,439 shares of the company’s stock valued at $2,600,000 after purchasing an additional 75,657 shares during the period. 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.