State Street Corp Lowers Stock Position in ESS Tech, Inc. (NYSE:GWH)

State Street Corp reduced its position in shares of ESS Tech, Inc. (NYSE:GWH) by 94.6% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,538 shares of the company’s stock after selling 291,685 shares during the period. State Street Corp owned 0.14% of ESS Tech worth $105,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in GWH. Vanguard Personalized Indexing Management LLC bought a new position in ESS Tech in the 2nd quarter valued at $27,000. Point72 DIFC Ltd purchased a new stake in ESS Tech during the second quarter worth about $32,000. AQR Capital Management LLC bought a new stake in ESS Tech in the second quarter worth about $84,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in ESS Tech in the second quarter valued at about $148,000. 46.77% of the stock is currently owned by hedge funds and other institutional investors.

ESS Tech Stock Performance

Shares of ESS Tech stock opened at $6.34 on Friday. The stock has a market capitalization of $75.34 million, a price-to-earnings ratio of -0.97 and a beta of 1.33. The company has a fifty day moving average of $6.31 and a 200-day moving average of $8.10. ESS Tech, Inc. has a 52-week low of $4.35 and a 52-week high of $17.56.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on GWH. Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday, November 14th. Canaccord Genuity Group reiterated a “hold” rating and issued a $8.00 target price on shares of ESS Tech in a research note on Thursday, November 14th. Robert W. Baird cut shares of ESS Tech from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $14.00 to $9.00 in a research note on Thursday, November 14th. Finally, Baird R W lowered shares of ESS Tech from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, November 14th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, ESS Tech has a consensus rating of “Hold” and an average target price of $14.58.

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.