ESS Tech, Inc. (NYSE:GWH) Sees Significant Increase in Short Interest

ESS Tech, Inc. (NYSE:GWH) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totalling 12,510,000 shares, an increase of 5.5% from the March 15th total of 11,860,000 shares. Currently, 21.4% of the shares of the stock are sold short. Based on an average daily trading volume, of 954,300 shares, the days-to-cover ratio is currently 13.1 days.

ESS Tech Stock Performance

Shares of NYSE:GWH opened at $0.67 on Thursday. ESS Tech has a 1-year low of $0.61 and a 1-year high of $2.12. The business has a fifty day moving average price of $0.80 and a 200-day moving average price of $1.09.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results on Wednesday, March 13th. The company reported ($0.09) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.04. ESS Tech had a negative return on equity of 71.44% and a negative net margin of 1,028.89%. The firm had revenue of $2.80 million during the quarter, compared to the consensus estimate of $4.08 million. As a group, equities analysts anticipate that ESS Tech will post -0.41 EPS for the current fiscal year.

Analyst Ratings Changes

GWH has been the subject of a number of analyst reports. Canaccord Genuity Group dropped their price objective on ESS Tech from $1.75 to $1.25 and set a “hold” rating for the company in a research note on Thursday, March 14th. Chardan Capital decreased their target price on ESS Tech from $1.90 to $0.80 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, Robert W. Baird decreased their target price on ESS Tech from $4.00 to $3.00 and set an “outperform” rating for the company in a report on Thursday, March 14th.

Institutional Investors Weigh In On ESS Tech

Several institutional investors have recently modified their holdings of GWH. JPMorgan Chase & Co. boosted its position in shares of ESS Tech by 10.7% during the first quarter. JPMorgan Chase & Co. now owns 36,076 shares of the company’s stock valued at $201,000 after buying an additional 3,473 shares during the last quarter. Citigroup Inc. bought a new position in shares of ESS Tech in the first quarter worth about $72,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in ESS Tech during the 1st quarter valued at approximately $683,000. BlackRock Inc. raised its stake in ESS Tech by 2.7% during the 1st quarter. BlackRock Inc. now owns 700,191 shares of the company’s stock valued at $3,900,000 after purchasing an additional 18,232 shares during the period. Finally, Vanguard Group Inc. raised its stake in ESS Tech by 94.8% during the 1st quarter. Vanguard Group Inc. now owns 1,764,573 shares of the company’s stock valued at $9,829,000 after purchasing an additional 858,910 shares during the period. 46.77% of the stock is owned by hedge funds and other 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.