ESS Tech, Inc. (NYSE:GWH) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of ESS Tech, Inc. (NYSE:GWH) have been given a consensus recommendation of “Moderate Buy” by the seven ratings firms that are covering the stock, MarketBeat reports. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $21.75.

Several research firms have commented on GWH. Roth Capital raised ESS Tech to a “strong-buy” rating in a research report on Friday, July 12th. TD Cowen cut their target price on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a report on Thursday, August 15th. Canaccord Genuity Group decreased their price target on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft dropped their price objective on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Finally, Roth Mkm began coverage on shares of ESS Tech in a research note on Friday, July 12th. They set a “buy” rating and a $22.50 target price for the company.

ESS Tech Price Performance

NYSE GWH opened at $8.49 on Monday. The firm’s fifty day moving average price is $7.10 and its 200 day moving average price is $9.90. ESS Tech has a 12 month low of $5.20 and a 12 month high of $24.60. The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -18.87 and a beta of 1.47.

ESS Tech (NYSE:GWH) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($24.75) by ($2.25). ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. The firm had revenue of $0.35 million for the quarter, compared to analysts’ expectations of $3.24 million. As a group, sell-side analysts forecast that ESS Tech will post -6.72 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech 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 sale, the director now owns 15,537 shares of the company’s stock, valued at $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 this hyperlink. 1.80% of the stock is owned by insiders.

Institutional Trading of ESS Tech

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after acquiring an additional 212,070 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ESS Tech during the 2nd quarter worth $148,000. AQR Capital Management LLC purchased a new position in shares of ESS Tech in the 2nd quarter valued at about $84,000. SG Americas Securities LLC acquired a new stake in shares of ESS Tech in the first quarter valued at about $31,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech in the second quarter valued at about $34,000. 46.77% of the stock is owned by institutional investors and hedge funds.

ESS Tech Company 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.