ESS Tech (NYSE:GWH) Trading 7.1% Higher

ESS Tech, Inc. (NYSE:GWH)’s share price shot up 7.1% on Tuesday . The stock traded as high as $6.23 and last traded at $6.20. 25,666 shares traded hands during mid-day trading, a decline of 61% from the average session volume of 65,795 shares. The stock had previously closed at $5.79.

Analyst Upgrades and Downgrades

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

ESS Tech Price Performance

The firm has a market cap of $68.85 million, a price-to-earnings ratio of -12.98 and a beta of 1.48. The business’s 50-day moving average price is $2.63 and its two-hundred day moving average price is $0.96.

ESS Tech (NYSE:GWH) last announced 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 net margin of 982.87% and a negative return on equity of 77.52%. The firm had revenue of $0.35 million during the quarter, compared to the consensus estimate of $3.24 million. Equities analysts predict that ESS Tech, Inc. will post -6.74 earnings per share for the current fiscal year.

Insider Activity

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the sale, the director now directly owns 15,537 shares in the company, valued at $88,871.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of ESS Tech by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after purchasing an additional 212,070 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in ESS Tech during the 2nd quarter worth approximately $148,000. AQR Capital Management LLC purchased a new position in shares of ESS Tech during the second quarter valued at $84,000. SG Americas Securities LLC bought a new stake in ESS Tech in the first quarter worth approximately $31,000. Finally, CWM LLC bought a new position in shares of ESS Tech during the 2nd quarter valued at $34,000. 46.77% of the stock is owned by institutional investors.

ESS Tech Company Profile

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.