ESS Tech, Inc. (NYSE:GWH) Receives Average Rating of “Hold” from Brokerages

Shares of ESS Tech, Inc. (NYSE:GWH) have received a consensus rating of “Hold” from the eight ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among brokers that have issued a report on the stock in the last year is $14.58.

GWH has been the subject of several research reports. Robert W. Baird cut shares of ESS Tech from a “neutral” rating to an “underperform” rating and decreased their price objective for the company from $14.00 to $9.00 in a report on Thursday. Deutsche Bank Aktiengesellschaft cut their target price on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research report on Friday, August 16th. Canaccord Genuity Group reissued a “hold” rating and set a $8.00 price target on shares of ESS Tech in a report on Thursday. TD Cowen cut their price objective on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a report on Thursday, August 15th. Finally, Oppenheimer downgraded ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday.

ESS Tech Price Performance

GWH stock opened at $7.27 on Friday. The stock has a market capitalization of $85.71 million, a P/E ratio of -1.15 and a beta of 1.41. ESS Tech has a 1-year low of $5.20 and a 1-year high of $21.15. The business has a fifty day moving average price of $7.12 and a 200-day moving average price of $9.61.

ESS Tech (NYSE:GWH) last issued its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). The business had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. As a group, analysts anticipate that ESS Tech will post -6.72 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the completion of the transaction, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The trade was a 31.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by insiders.

Institutional Investors Weigh In On ESS Tech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in shares of ESS Tech by 6.9% in the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after purchasing an additional 212,070 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in ESS Tech in the 2nd quarter worth approximately $148,000. AQR Capital Management LLC bought a new position in ESS Tech in the 2nd quarter worth approximately $84,000. SG Americas Securities LLC bought a new position in shares of ESS Tech during the first quarter worth $31,000. Finally, CWM LLC purchased a new position in ESS Tech during the second quarter valued at $34,000. Institutional investors own 46.77% of the company’s stock.

About ESS Tech

ESS Tech, Inc, an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which include Energy Warehouse, a behind-the-meter solution; and Energy Center, a front-of-the-meter solution. The company was founded in 2011 and is headquartered in Wilsonville, Oregon.