ESS Tech, Inc. (NYSE:GWH) Receives Consensus Rating of “Hold” from Brokerages

ESS Tech, Inc. (NYSE:GWH) has been assigned a consensus rating of “Hold” from the eight research firms that are currently covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $14.58.

GWH has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft dropped their price target 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. TD Cowen cut their target price on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research note on Thursday, August 15th. Oppenheimer cut ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday. Robert W. Baird downgraded shares of ESS Tech from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $14.00 to $9.00 in a report on Thursday. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and set a $8.00 price objective on shares of ESS Tech in a research note on Thursday.

ESS Tech Stock Down 18.3 %

GWH opened at $7.27 on Friday. ESS Tech has a twelve month low of $5.20 and a twelve month high of $21.15. The company’s 50-day moving average price is $7.12 and its two-hundred day moving average price is $9.61. The stock has a market cap of $85.71 million, a price-to-earnings ratio of -1.15 and a beta of 1.41.

ESS Tech (NYSE:GWH) last issued its earnings results 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). The firm had revenue of $0.35 million during the quarter, compared to the consensus estimate of $3.24 million. ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. As a group, sell-side analysts anticipate that ESS Tech will post -6.72 earnings per share for the current year.

Insider Transactions at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total transaction of $40,040.00. Following the completion of the transaction, the director now directly owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. This represents a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

A number of institutional investors have recently added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in ESS Tech in the first quarter worth $31,000. Vanguard Group Inc. boosted its stake in ESS Tech by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after purchasing an additional 212,070 shares in the last quarter. Paloma Partners Management Co bought a new position in ESS Tech in the 1st quarter worth about $27,000. CWM LLC purchased a new stake in ESS Tech during the 2nd quarter valued at about $34,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in ESS Tech during the 2nd quarter valued at about $27,000. 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.