ESS Tech (NYSE:GWH) Trading Down 5.1% - Should You Sell?

ESS Tech, Inc. (NYSE:GWH - Get Free Report)'s stock price fell 5.1% on Friday . The stock traded as low as $5.40 and last traded at $5.44. 96,675 shares changed hands during trading, an increase of 36% from the average session volume of 71,158 shares. The stock had previously closed at $5.73.

Analyst Ratings Changes

Several equities analysts have recently issued reports on GWH shares. TD Cowen decreased their target price on ESS Tech from $30.00 to $22.50 and set a "buy" rating for the company in a research report on Thursday, August 15th. Canaccord Genuity Group reissued a "hold" rating and issued a $8.00 target price on shares of ESS Tech in a research note on Thursday, November 14th. Baird R W lowered ESS Tech from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, November 14th. Robert W. Baird lowered ESS Tech from a "neutral" rating to an "underperform" rating and decreased their price objective for the company from $14.00 to $9.00 in a research report on Thursday, November 14th. Finally, Oppenheimer cut shares of ESS Tech from an "outperform" rating to a "market perform" rating in a report on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $14.58.

ESS Tech Trading Down 5.1 %

The stock's 50-day simple moving average is $7.10 and its 200-day simple moving average is $8.93. The stock has a market cap of $64.64 million, a price-to-earnings ratio of -0.83 and a beta of 1.33.

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the firm's 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 sale, the director now owns 15,537 shares in the company, valued at $88,871.64. This trade represents a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 2.30% of the stock is currently owned by company insiders.

Institutional Trading of ESS Tech

Several institutional investors have recently modified their holdings of GWH. Vanguard Personalized Indexing Management LLC acquired a new position in shares of ESS Tech in the 2nd quarter worth approximately $27,000. Point72 DIFC Ltd acquired a new stake in ESS Tech during the 2nd quarter worth about $32,000. CWM LLC bought a new position in shares of ESS Tech in the 2nd quarter worth about $34,000. AQR Capital Management LLC acquired a new position in shares of ESS Tech in the 2nd quarter valued at about $84,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ESS Tech in the 2nd quarter valued at about $148,000. 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.

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