ESS Tech (NYSE:GWH) Trading Down 4.9%

ESS Tech, Inc. (NYSE:GWH) was down 4.9% during mid-day trading on Friday . The company traded as low as $5.92 and last traded at $6.03. Approximately 23,131 shares were traded during mid-day trading, a decline of 65% from the average daily volume of 65,610 shares. The stock had previously closed at $6.34.

Analysts Set New Price Targets

GWH has been the topic of a number of analyst reports. Canaccord Genuity Group lowered their target price on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating on the stock in a research note on Friday, August 16th. Roth Mkm began coverage on ESS Tech in a research note on Friday, July 12th. They issued a “buy” rating and a $0.10 price objective for the company. Deutsche Bank Aktiengesellschaft decreased 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. Roth Capital upgraded ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. Finally, TD Cowen reduced their price objective on shares of ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, ESS Tech currently has an average rating of “Moderate Buy” and a consensus price target of $0.12.

ESS Tech Trading Down 6.2 %

The firm’s 50-day moving average price is $2.29 and its 200-day moving average price is $0.83. The stock has a market capitalization of $1.04 billion, a PE ratio of -13.38 and a beta of 1.48.

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

Insider Activity

In related news, Director Sandeep Nijhawan sold 7,000 shares of the 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 directly owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.80% of the company’s stock.

Institutional Trading of ESS Tech

Institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after buying an additional 212,070 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ESS Tech during the second quarter valued at approximately $148,000. AQR Capital Management LLC bought a new position in ESS Tech in the second quarter worth approximately $84,000. SG Americas Securities LLC bought a new position in ESS Tech in the first quarter worth approximately $31,000. Finally, CWM LLC purchased a new position in ESS Tech during the 2nd quarter worth $34,000. 46.77% of the stock is currently owned by 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.