ESS Tech, Inc. (NYSE:GWH) Receives $14.58 Consensus Target Price from Brokerages

ESS Tech, Inc. (NYSE:GWH) has received a consensus rating of “Hold” from the nine brokerages that are currently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a sell recommendation, four have assigned a hold recommendation, two have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month price target among analysts that have covered the stock in the last year is $14.58.

Several research firms recently commented on GWH. Canaccord Genuity Group reaffirmed a “hold” rating and set a $8.00 target price on shares of ESS Tech in a research note on Thursday. Deutsche Bank Aktiengesellschaft decreased their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Baird R W cut ESS Tech from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday. Robert W. Baird cut ESS Tech from a “neutral” rating to an “underperform” rating and decreased their target price for the stock from $14.00 to $9.00 in a research note on Thursday. Finally, TD Cowen cut their price target on ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a report on Thursday, August 15th.

ESS Tech Price Performance

NYSE GWH opened at $5.21 on Friday. The business has a 50 day simple moving average of $7.14 and a 200 day simple moving average of $9.53. ESS Tech has a one year low of $5.13 and a one year high of $20.10. The stock has a market capitalization of $61.43 million, a P/E ratio of -0.80 and a beta of 1.41.

Insider Activity

In other news, Director Sandeep Nijhawan sold 7,000 shares of the firm’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 value of $40,040.00. Following the transaction, the director now owns 15,537 shares in the company, valued at $88,871.64. This trade represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GWH. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of ESS Tech during the second quarter valued at approximately $27,000. Paloma Partners Management Co purchased a new stake in shares of ESS Tech during the first quarter valued at approximately $27,000. Point72 DIFC Ltd purchased a new stake in shares of ESS Tech during the second quarter valued at approximately $32,000. CWM LLC purchased a new stake in shares of ESS Tech during the second quarter valued at approximately $34,000. Finally, SG Americas Securities LLC purchased a new stake in shares of ESS Tech during the first quarter valued at approximately $31,000. Institutional investors own 46.77% of the company’s stock.

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.