Short Interest in ESS Tech, Inc. (NYSE:GWH) Drops By 10.9%

ESS Tech, Inc. (NYSE:GWH) was the recipient of a large drop in short interest in August. As of August 31st, there was short interest totalling 404,300 shares, a drop of 10.9% from the August 15th total of 453,700 shares. Based on an average daily volume of 80,000 shares, the short-interest ratio is currently 5.1 days. Approximately 8.2% of the shares of the stock are short sold.

ESS Tech Price Performance

Shares of ESS Tech stock traded up $0.22 during trading on Wednesday, hitting $6.37. 87,630 shares of the company were exchanged, compared to its average volume of 65,667. The firm has a market capitalization of $1.11 billion, a P/E ratio of -14.36 and a beta of 1.48. The firm’s fifty day moving average price is $2.04 and its 200 day moving average price is $0.75. ESS Tech has a 1-year low of $5.20 and a 1-year high of $31.65.

ESS Tech (NYSE:GWH) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.01). ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. The firm had revenue of $0.35 million for the quarter, compared to the consensus estimate of $3.24 million. As a group, equities research analysts anticipate that ESS Tech will post -6.74 earnings per share for the current year.

Insider Activity at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of the stock in a transaction 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 sale, the director now owns 15,537 shares in the company, valued at $88,871.64. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

Several institutional investors and hedge funds have recently made changes to their positions in GWH. Paloma Partners Management Co bought a new position in ESS Tech during the first quarter worth about $27,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of ESS Tech during the 2nd quarter valued at about $27,000. SG Americas Securities LLC acquired a new position in shares of ESS Tech in the 1st quarter valued at approximately $31,000. Point72 DIFC Ltd acquired a new position in shares of ESS Tech in the 2nd quarter valued at approximately $32,000. Finally, CWM LLC bought a new stake in ESS Tech during the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on GWH. Deutsche Bank Aktiengesellschaft lowered their price target on shares of ESS Tech from $0.08 to $0.06 and set a “hold” rating for the company in a report on Friday, August 16th. TD Cowen dropped their target price on ESS Tech from $0.13 to $0.10 and set a “buy” rating for the company in a research report on Thursday, August 15th. Roth Capital upgraded ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Roth Mkm began coverage on ESS Tech in a research report on Friday, July 12th. They issued a “buy” rating and a $0.10 price objective for the company. Finally, Canaccord Genuity Group reduced their target price on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating on the stock in a research note on Friday, August 16th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $0.12.

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.