Eos Energy Enterprises (NASDAQ:EOSE) Trading Down 7.5% – Time to Sell?

Shares of Eos Energy Enterprises, Inc. (NASDAQ:EOSE) dropped 7.5% during mid-day trading on Monday . The company traded as low as $2.45 and last traded at $2.47. Approximately 1,805,032 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 6,769,468 shares. The stock had previously closed at $2.67.

Analyst Upgrades and Downgrades

EOSE has been the subject of several recent research reports. Stifel Nicolaus reiterated a “buy” rating and set a $6.00 target price on shares of Eos Energy Enterprises in a research report on Wednesday, August 21st. Roth Mkm cut their target price on Eos Energy Enterprises from $4.50 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, November 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $3.90.

Eos Energy Enterprises Price Performance

The stock’s 50-day moving average is $2.86 and its 200 day moving average is $1.91.

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 shares were sold at an average price of $2.62, for a total value of $78,600.00. Following the completion of the transaction, the director now owns 84,929 shares in the company, valued at $222,513.98. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 3.80% of the stock is currently owned by company insiders.

Institutional Trading of Eos Energy Enterprises

A number of institutional investors have recently modified their holdings of the company. Millennium Management LLC raised its position in Eos Energy Enterprises by 5,744.5% in the 2nd 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. Vanguard Group Inc. raised its holdings in shares of Eos Energy Enterprises by 6.6% in the first quarter. Vanguard Group Inc. now owns 9,375,916 shares of the company’s stock valued at $9,657,000 after purchasing an additional 580,022 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Eos Energy Enterprises in the second quarter valued at approximately $216,000. B. Riley Wealth Advisors Inc. lifted its position in shares of Eos Energy Enterprises by 940.6% in the first quarter. B. Riley Wealth Advisors Inc. now owns 275,765 shares of the company’s stock worth $284,000 after purchasing an additional 249,265 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its holdings in Eos Energy Enterprises by 74.4% during the first quarter. Price T Rowe Associates Inc. MD now owns 43,930 shares of the company’s stock worth $46,000 after purchasing an additional 18,735 shares during the last quarter. 54.87% of the stock is currently owned by 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.