Renaissance Technologies LLC Lowers Stock Position in ESS Tech, Inc. (NYSE:GWH)

Renaissance Technologies LLC decreased its stake in ESS Tech, Inc. (NYSE:GWH - Free Report) by 64.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 203,200 shares of the company's stock after selling 375,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.12% of ESS Tech worth $166,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of GWH. Paloma Partners Management Co bought a new position in shares of ESS Tech in the first quarter worth about $27,000. CWM LLC bought a new position in shares of ESS Tech in the second quarter worth about $34,000. SG Americas Securities LLC bought a new position in ESS Tech during the first quarter valued at approximately $31,000. Green Alpha Advisors LLC boosted its stake in ESS Tech by 11.7% during the first quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company's stock valued at $159,000 after buying an additional 23,022 shares during the last quarter. Finally, Vanguard Group Inc. boosted its stake in ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company's stock valued at $2,361,000 after buying an additional 212,070 shares during the last quarter. Hedge funds and other institutional investors own 46.77% of the company's stock.

Insider Buying and Selling

In other news, Director Sandeep Nijhawan sold 7,000 shares of the business's stock in a transaction that occurred 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 transaction, 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. 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 research report on Friday, August 16th. Roth Mkm assumed coverage on ESS Tech in a report on Friday, July 12th. They issued a "buy" rating and a $1.50 price target on the stock. TD Cowen reduced their price target 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 reduced their price target 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 assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $1.45.

ESS Tech Price Performance

GWH traded up $0.40 on Monday, reaching $8.25. 78,235 shares of the stock were exchanged, compared to its average volume of 64,838. The company's 50-day moving average price is $4.83 and its 200 day moving average price is $2.20. ESS Tech, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $29.18. The firm has a market capitalization of $1.44 billion, a PE ratio of -18.33 and a beta of 1.47.

ESS Tech (NYSE:GWH - Get Free Report) last announced its quarterly earnings results 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 business had revenue of $0.35 million during the quarter, compared to analysts' expectations of $3.24 million. As a group, equities analysts forecast that ESS Tech, Inc. 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.