ESS Tech (NYSE:GWH) Cut to “Hold” at TD Cowen

TD Cowen downgraded shares of ESS Tech (NYSE:GWH) from a strong-buy rating to a hold rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Roth Mkm lowered shares of ESS Tech from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $17.00 to $3.00 in a research report on Tuesday, March 4th. Roth Capital downgraded ESS Tech from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. According to data from MarketBeat, ESS Tech currently has an average rating of “Hold” and an average target price of $10.20.

ESS Tech Price Performance

Shares of NYSE GWH opened at $2.40 on Wednesday. ESS Tech has a 1-year low of $2.10 and a 1-year high of $14.10. The business’s 50 day moving average is $4.05 and its two-hundred day moving average is $5.58. The stock has a market capitalization of $28.46 million, a P/E ratio of -0.37 and a beta of 1.37.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Monday, March 31st. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($1.51) by ($0.46). The company had revenue of $6.40 million for the quarter, compared to analysts’ expectations of $5.80 million. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 101.96%. As a group, equities research analysts anticipate that ESS Tech will post -6.87 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ESS Tech

An institutional investor recently raised its position in ESS Tech stock. Baird Financial Group Inc. increased its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 405,938 shares of the company’s stock after purchasing an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 as of its most recent SEC filing. 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.