Short Interest in ESS Tech, Inc. (NYSE:GWH) Grows By 20.3%

ESS Tech, Inc. (NYSE:GWH) was the target of a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 418,900 shares, an increase of 20.3% from the November 15th total of 348,200 shares. Approximately 8.3% of the company’s stock are sold short. Based on an average trading volume of 87,900 shares, the days-to-cover ratio is currently 4.8 days.

Institutional Trading of ESS Tech

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised 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. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ESS Tech in the second quarter valued at approximately $148,000. AQR Capital Management LLC bought a new stake in shares of ESS Tech in the second quarter valued at approximately $84,000. CWM LLC acquired a new stake in ESS Tech during the second quarter worth approximately $34,000. Finally, Point72 DIFC Ltd bought a new position in ESS Tech during the 2nd quarter worth $32,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

ESS Tech Price Performance

Shares of ESS Tech stock opened at $5.09 on Monday. ESS Tech has a 1 year low of $4.68 and a 1 year high of $20.10. The company has a market capitalization of $60.47 million, a price-to-earnings ratio of -0.78 and a beta of 1.33. The business has a fifty day simple moving average of $6.99 and a two-hundred day simple moving average of $8.66.

Wall Street Analysts Forecast Growth

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