ESS Tech (NYSE:GWH) Lowered to "Market Perform" Rating by Oppenheimer

ESS Tech (NYSE:GWH - Get Free Report) was downgraded by Oppenheimer from an "outperform" rating to a "market perform" rating in a research report issued on Thursday, Marketbeat reports.

A number of other equities analysts also recently weighed in on GWH. Canaccord Genuity Group decreased their target price on shares of ESS Tech from $18.75 to $15.00 and set a "hold" rating for the company in a research note on Friday, August 16th. TD Cowen reduced their price target on shares of ESS Tech from $30.00 to $22.50 and set a "buy" rating for the company in a research report on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target 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. One investment 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 to the company. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $14.58.

ESS Tech Stock Down 17.8 %

Shares of GWH traded down $1.58 during mid-day trading on Thursday, hitting $7.32. 171,191 shares of the company's stock traded hands, compared to its average volume of 67,831. The firm has a market capitalization of $86.30 million, a P/E ratio of -1.14 and a beta of 1.41. The business's 50-day moving average price is $7.12 and its 200-day moving average price is $9.61. ESS Tech has a 1 year low of $5.20 and a 1 year high of $21.15.

ESS Tech (NYSE:GWH - Get Free Report) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($24.75) by ($2.25). The company had revenue of $0.35 million during the quarter, compared to the consensus estimate of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. Sell-side analysts anticipate that ESS Tech will post -6.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ESS Tech 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 completion of the sale, the director now owns 15,537 shares of the company's stock, valued at approximately $88,871.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GWH. Vanguard Group Inc. lifted its stake in ESS Tech by 6.9% in the 1st 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. bought a new stake in shares of ESS Tech in the 2nd quarter worth about $148,000. SG Americas Securities LLC bought a new stake in shares of ESS Tech in the 1st quarter worth about $31,000. CWM LLC bought a new stake in shares of ESS Tech in the 2nd quarter worth about $34,000. Finally, Point72 DIFC Ltd bought a new stake in shares of ESS Tech in the 2nd quarter worth about $32,000. Hedge funds and other 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.