Eos Energy Enterprises (NASDAQ: EOSE) soared in the morning trading on Friday after Stifel analyst Vincent Anderson initiated a Buy on the stock with a Street high price target of $11 on the stock.
Analyst Anderson commented on the zinc-based energy storage systems provider that it, “has commercialized one of the most proven grid storage battery chemistries in the market, necessary for further renewables adoption given inherent limitations of lithium ion chemistry.”
The analyst added that investors had “taken an overly pessimistic view” of EOS Energy’s liquidity needs over the short term but the company “needs to secure more funding before it can capitalize on net zero fervor.”
At the end of Q3, EOSE had a cash balance of $38.4 million.
Shares of EOSE have lost more than 80% in value in the past year.