Point72 Asia Singapore Pte. Ltd. Makes New $148,000 Investment in ESS Tech, Inc. (NYSE:GWH)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of ESS Tech, Inc. (NYSE:GWH - Free Report) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 180,370 shares of the company's stock, valued at approximately $148,000. Point72 Asia Singapore Pte. Ltd. owned 0.10% of ESS Tech at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its position in ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company's stock worth $2,361,000 after buying an additional 212,070 shares during the period. SG Americas Securities LLC acquired a new stake in ESS Tech in the 1st quarter worth about $31,000. CWM LLC acquired a new stake in ESS Tech in the 2nd quarter worth about $34,000. Green Alpha Advisors LLC grew its position in shares of ESS Tech by 11.7% during the 1st 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. Finally, Paloma Partners Management Co bought a new position in shares of ESS Tech during the first quarter worth approximately $27,000. 46.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on GWH. Deutsche Bank Aktiengesellschaft cut their price target on ESS Tech from $0.08 to $0.06 and set a "hold" rating for the company in a research note on Friday, August 16th. Roth Mkm assumed coverage on ESS Tech in a report on Friday, July 12th. They set a "buy" rating and a $0.10 target price on the stock. TD Cowen dropped their price target on ESS Tech from $0.13 to $0.10 and set a "buy" rating for the company in a research note on Thursday, August 15th. Canaccord Genuity Group reduced their price objective on shares of ESS Tech from $0.08 to $0.07 and set a "hold" rating on the stock in a research note on Friday, August 16th. Finally, Roth Capital upgraded shares of ESS Tech to a "strong-buy" rating in a research report on Friday, July 12th. 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. According to data from MarketBeat, ESS Tech has a consensus rating of "Moderate Buy" and an average target price of $0.10.

Insider Activity

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 transaction of $40,040.00. Following the sale, the director now directly owns 15,537 shares of the company's stock, valued at $88,871.64. 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 owned by corporate insiders.

ESS Tech Trading Up 1.5 %

ESS Tech stock traded up $0.10 during midday trading on Friday, reaching $6.62. The company's stock had a trading volume of 36,132 shares, compared to its average volume of 65,708. The stock has a market cap of $78.05 million, a PE ratio of -14.71 and a beta of 1.48. ESS Tech, Inc. has a 52 week low of $5.20 and a 52 week high of $31.65. The business has a 50-day moving average price of $3.01 and a 200-day moving average price of $1.08.

ESS Tech (NYSE:GWH - Get Free Report) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.01). The company had revenue of $0.35 million for the quarter, compared to analyst estimates of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. As a group, research analysts predict that ESS Tech, Inc. will post -6.74 EPS for the current fiscal year.

ESS Tech 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.