Fmr LLC Sells 751,764 Shares of ESS Tech, Inc. (NYSE:GWH)

FMR LLC lessened its stake in shares of ESS Tech, Inc. (NYSE:GWH - Free Report) by 93.5% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 52,485 shares of the company's stock after selling 751,764 shares during the quarter. FMR LLC owned 0.45% of ESS Tech worth $332,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of GWH. Point72 DIFC Ltd acquired a new position in ESS Tech during the 2nd quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ESS Tech in the second quarter valued at approximately $148,000. AQR Capital Management LLC bought a new stake in shares of ESS Tech during the second quarter valued at approximately $84,000. Finally, Vanguard Personalized Indexing Management LLC bought a new position in ESS Tech in the 2nd quarter worth approximately $27,000. 46.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GWH shares. Robert W. Baird downgraded shares of ESS Tech from a "neutral" rating to an "underperform" rating and reduced their price objective for the stock from $14.00 to $9.00 in a report on Thursday, November 14th. Baird R W cut ESS Tech from a "strong-buy" rating to a "strong sell" rating in a research report on Thursday, November 14th. Oppenheimer lowered ESS Tech from an "outperform" rating to a "market perform" rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group reissued a "hold" rating and issued a $8.00 price target on shares of ESS Tech in a report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ESS Tech has an average rating of "Hold" and a consensus target price of $14.58.

ESS Tech Trading Up 5.4 %

Shares of GWH traded up $0.24 during midday trading on Friday, hitting $4.66. The stock had a trading volume of 118,510 shares, compared to its average volume of 71,769. ESS Tech, Inc. has a fifty-two week low of $4.35 and a fifty-two week high of $18.00. The business has a 50-day simple moving average of $6.74 and a two-hundred day simple moving average of $8.45. The firm has a market cap of $55.37 million, a P/E ratio of -0.71 and a beta of 1.33.

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.