ESS Tech, Inc. (NYSE:GWH) Given Consensus Recommendation of "Hold" by Brokerages

ESS Tech, Inc. (NYSE:GWH - Get Free Report) has earned an average rating of "Hold" from the nine research firms that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12 month price objective among brokers that have covered the stock in the last year is $14.58.

A number of research analysts have recently weighed in on the company. Oppenheimer lowered ESS Tech from an "outperform" rating to a "market perform" rating in a research report on Thursday. Deutsche Bank Aktiengesellschaft cut their price target on ESS Tech from $17.25 to $13.50 and set a "hold" rating for the company in a report on Friday, August 16th. TD Cowen reduced their price objective on ESS Tech from $30.00 to $22.50 and set a "buy" rating on the stock in a research note on Thursday, August 15th. Baird R W downgraded ESS Tech from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday. Finally, Robert W. Baird cut shares of ESS Tech from a "neutral" rating to an "underperform" rating and reduced their price target for the stock from $14.00 to $9.00 in a research report on Thursday.

ESS Tech Stock Down 28.9 %

GWH stock traded down $2.12 during midday trading on Friday, hitting $5.21. The company's stock had a trading volume of 327,573 shares, compared to its average volume of 69,333. ESS Tech has a 12 month low of $5.13 and a 12 month high of $20.10. The company has a 50 day moving average of $7.15 and a two-hundred day moving average of $9.59. The firm has a market capitalization of $61.45 million, a price-to-earnings ratio of -0.92 and a beta of 1.41.

ESS Tech (NYSE:GWH - Get Free Report) last posted its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing the consensus estimate of ($24.75) by ($2.25). The company had revenue of $0.35 million for the quarter, compared to analysts' expectations of $3.24 million. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 90.93%. On average, analysts anticipate that ESS Tech will post -6.72 earnings per share for the current fiscal year.

Insider Buying and Selling at ESS Tech

In other ESS Tech 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 owns 15,537 shares in the company, valued at $88,871.64. The trade was a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 2.30% of the company's stock.

Institutional Investors Weigh In On ESS Tech

A number of institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in 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 during the period. Point72 Asia Singapore Pte. Ltd. bought 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 ESS Tech in the 2nd quarter worth about $84,000. SG Americas Securities LLC bought a new stake in ESS Tech during the 1st quarter valued at about $31,000. Finally, CWM LLC purchased a new stake in ESS Tech in the 2nd quarter valued at about $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.