ESS Tech, Inc. (NYSE:GWH) Short Interest Up 30.1% in September

ESS Tech, Inc. (NYSE:GWH - Get Free Report) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 448,600 shares, a growth of 30.1% from the September 15th total of 344,800 shares. Based on an average daily volume of 73,900 shares, the days-to-cover ratio is currently 6.1 days. Currently, 9.0% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have commented on GWH. Roth Capital raised shares of ESS Tech to a "strong-buy" rating in a research note on Friday, July 12th. TD Cowen cut their price target on shares of ESS Tech from $2.00 to $1.50 and set a "buy" rating for the company in a research report on Thursday, August 15th. Canaccord Genuity Group decreased their price objective on ESS Tech from $1.25 to $1.00 and set a "hold" rating on the stock in a report on Friday, August 16th. Roth Mkm initiated coverage on ESS Tech in a report on Friday, July 12th. They set a "buy" rating and a $1.50 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on ESS Tech from $1.15 to $0.90 and set a "hold" rating on the stock in a research report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, ESS Tech has an average rating of "Moderate Buy" and a consensus target price of $1.45.

Insider Activity at ESS Tech

In related news, Director Sandeep Nijhawan sold 7,000 shares of the company's stock in a transaction 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 transaction, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ESS Tech

A number of institutional investors have recently bought and sold shares of GWH. Green Alpha Advisors LLC raised its holdings in ESS Tech by 11.7% in the first quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company's stock worth $159,000 after purchasing an additional 23,022 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of ESS Tech in the 2nd quarter worth about $27,000. Paloma Partners Management Co purchased a new position in ESS Tech during the 1st quarter valued at about $27,000. Point72 DIFC Ltd bought a new stake in ESS Tech during the second quarter worth about $32,000. Finally, CWM LLC purchased a new stake in ESS Tech in the second quarter worth about $34,000. 46.77% of the stock is owned by institutional investors.

ESS Tech Stock Down 5.1 %

Shares of GWH traded down $0.42 during mid-day trading on Tuesday, hitting $7.86. 72,214 shares of the company's stock traded hands, compared to its average volume of 64,875. The firm has a market capitalization of $1.37 billion, a P/E ratio of -17.47 and a beta of 1.47. The business's 50-day moving average price is $4.98 and its 200-day moving average price is $2.25. ESS Tech has a 1 year low of $5.20 and a 1 year high of $29.18.

ESS Tech (NYSE:GWH - Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($1.65) by ($0.15). ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. The company had revenue of $0.35 million for the quarter, compared to analysts' expectations of $3.24 million. Sell-side analysts anticipate that ESS Tech will post -6.72 earnings per share for the current fiscal year.

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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