ESS Tech (NYSE:GWH) Shares Up 4.9% - Time to Buy?

Shares of ESS Tech, Inc. (NYSE:GWH - Get Free Report) rose 4.9% during trading on Monday . The stock traded as high as $6.87 and last traded at $6.84. Approximately 12,243 shares were traded during trading, a decline of 81% from the average daily volume of 64,821 shares. The stock had previously closed at $6.52.

Analyst Upgrades and Downgrades

GWH has been the subject of several recent analyst reports. Canaccord Genuity Group reduced their price objective on shares of ESS Tech from $1.25 to $1.00 and set a "hold" rating for the company in a research report on Friday, August 16th. Roth Mkm started coverage on ESS Tech in a report on Friday, July 12th. They issued a "buy" rating and a $1.50 target price on the stock. TD Cowen cut their target price on ESS Tech from $2.00 to $1.50 and set a "buy" rating on the stock in a report on Thursday, August 15th. Roth Capital upgraded ESS Tech to a "strong-buy" rating in a report on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft cut their target price on ESS Tech from $1.15 to $0.90 and set a "hold" rating on the stock in a report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $1.45.

ESS Tech Stock Performance

The firm has a 50 day simple moving average of $4.03 and a two-hundred day simple moving average of $1.91. The firm has a market capitalization of $1.24 billion, a P/E ratio of -15.82 and a beta of 1.47.

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 for the quarter, missing the consensus estimate 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 the consensus estimate of $3.24 million. Sell-side analysts anticipate that ESS Tech, Inc. will post -6.72 earnings per share for the current year.

Insider Buying and Selling at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the sale, the director now directly owns 15,537 shares in the company, valued at $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 available at this hyperlink. Company insiders own 1.80% of the company's stock.

Institutional Investors Weigh In On ESS Tech

A number of hedge funds have recently made changes to their positions in GWH. Paloma Partners Management Co bought a new stake in shares of ESS Tech during the 1st quarter worth $27,000. Vanguard Personalized Indexing Management LLC purchased a new stake in ESS Tech in the 2nd quarter worth about $27,000. SG Americas Securities LLC purchased a new stake in ESS Tech in the 1st quarter worth about $31,000. Point72 DIFC Ltd purchased a new stake in ESS Tech in the 2nd quarter worth about $32,000. Finally, CWM LLC purchased a new stake in ESS Tech in the 2nd quarter worth about $34,000. 46.77% of the stock is currently owned by institutional investors.

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.