ESS Tech (NYSE:GWH) Trading Up 7.1%

ESS Tech, Inc. (NYSE:GWH) shares were up 7.1% during trading on Tuesday . The company traded as high as $6.23 and last traded at $6.20. Approximately 25,666 shares traded hands during trading, a decline of 61% from the average daily volume of 65,795 shares. The stock had previously closed at $5.79.

Analysts Set New Price Targets

A number of research firms have weighed in on GWH. Roth Capital upgraded ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. TD Cowen cut their price target on ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Roth Mkm started coverage on ESS Tech in a research note on Friday, July 12th. They issued a “buy” rating and a $0.10 price target on the stock. Canaccord Genuity Group cut their price target on 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, Deutsche Bank Aktiengesellschaft cut their target price on ESS Tech from $0.08 to $0.06 and set a “hold” rating on the stock in a research note on Friday, August 16th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, ESS Tech currently has an average rating of “Moderate Buy” and an average target price of $0.12.

ESS Tech Stock Performance

The firm has a fifty day moving average price of $2.52 and a two-hundred day moving average price of $0.92. The stock has a market capitalization of $1.05 billion, a P/E ratio of -13.84 and a beta of 1.48.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results 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). ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. The business had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. On average, research analysts anticipate that ESS Tech, Inc. will post -6.74 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s stock in a transaction dated 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 sale, the director now owns 15,537 shares of the company’s stock, valued at $88,871.64. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.80% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ESS Tech

Several institutional investors and hedge funds have recently bought and sold shares of the company. Paloma Partners Management Co purchased a new stake in shares of ESS Tech during the first quarter valued at $27,000. Vanguard Personalized Indexing Management LLC purchased a new position in ESS Tech during the second quarter worth approximately $27,000. SG Americas Securities LLC purchased a new position in ESS Tech during the first quarter worth approximately $31,000. Point72 DIFC Ltd purchased a new stake in ESS Tech in the second quarter valued at $32,000. Finally, CWM LLC purchased a new stake in ESS Tech in the second quarter valued at $34,000. 46.77% of the stock is owned by hedge funds and other 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.