ESS Tech's (GWH) "Hold" Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their hold rating on shares of ESS Tech (NYSE:GWH - Free Report) in a research note published on Thursday morning,Benzinga reports. The firm currently has a $8.00 target price on the stock.

Other research analysts have also issued research reports about the stock. TD Cowen decreased their price target on shares of ESS Tech from $30.00 to $22.50 and set a "buy" rating for the company in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft reduced their target price on ESS Tech from $17.25 to $13.50 and set a "hold" rating for the company in a research note on Friday, August 16th. Oppenheimer lowered shares of ESS Tech from an "outperform" rating to a "market perform" 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 dropped their price objective for the stock from $14.00 to $9.00 in a research note on Thursday. One equities research 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's stock. According to data from MarketBeat.com, ESS Tech currently has a consensus rating of "Hold" and a consensus target price of $14.58.

ESS Tech Stock Performance

NYSE:GWH traded down $1.63 during mid-day trading on Thursday, hitting $7.27. 244,745 shares of the company's stock traded hands, compared to its average volume of 68,161. The company has a fifty day moving average of $7.12 and a 200 day moving average of $9.61. ESS Tech has a twelve month low of $5.20 and a twelve month high of $21.15. The company has a market capitalization of $85.71 million, a P/E ratio of -1.14 and a beta of 1.41.

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

Insiders Place Their Bets

In other news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the transaction, the director now directly owns 15,537 shares of the company's stock, valued at $88,871.64. The trade was a 31.06 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GWH. Vanguard Personalized Indexing Management LLC acquired a new stake in ESS Tech during the 2nd quarter worth about $27,000. Paloma Partners Management Co bought a new stake in ESS Tech in the 1st quarter valued at $27,000. SG Americas Securities LLC acquired a new stake in ESS Tech in the 1st quarter valued at $31,000. Point72 DIFC Ltd acquired a new position in ESS Tech in the second quarter valued at about $32,000. Finally, CWM LLC acquired a new position in ESS Tech during the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 46.77% of the company's stock.

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.