ESS Tech (NYSE:GWH) Shares Down 4.5%

ESS Tech, Inc. (NYSE:GWH)’s stock price fell 4.5% during mid-day trading on Monday . The company traded as low as $6.29 and last traded at $6.32. 19,120 shares were traded during trading, a decline of 71% from the average session volume of 65,462 shares. The stock had previously closed at $6.62.

Wall Street Analyst Weigh In

A number of research analysts recently commented on GWH shares. Canaccord Genuity Group lowered their price objective on ESS Tech from $0.08 to $0.07 and set a “hold” rating for the company in a research note on Friday, August 16th. Roth Mkm began coverage on shares of ESS Tech in a research report on Friday, July 12th. They issued a “buy” rating and a $0.10 price objective on the stock. Deutsche Bank Aktiengesellschaft decreased their target price 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. TD Cowen cut their price target on ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a report on Thursday, August 15th. Finally, Roth Capital raised ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Three 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 currently has a consensus rating of “Moderate Buy” and an average target price of $0.10.

ESS Tech Stock Up 3.8 %

The business has a 50-day simple moving average of $3.26 and a two-hundred day simple moving average of $1.18. The stock has a market capitalization of $74.98 million, a price-to-earnings ratio of -13.62 and a beta of 1.48.

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 analyst estimates of $3.24 million. On average, analysts forecast that ESS Tech, Inc. will post -6.72 EPS for the current year.

Insider Buying and Selling at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total value of $40,040.00. Following the transaction, the director now owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On ESS Tech

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of ESS Tech by 6.9% during the first 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 last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ESS Tech in the second quarter worth about $148,000. AQR Capital Management LLC purchased a new position in shares of ESS Tech in the second quarter worth approximately $84,000. SG Americas Securities LLC acquired a new stake in shares of ESS Tech during the first quarter valued at approximately $31,000. Finally, CWM LLC purchased a new stake in shares of ESS Tech in the 2nd quarter valued at approximately $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.