ESS Tech (NYSE:GWH) Trading 5% Higher

ESS Tech, Inc. (NYSE:GWH)’s share price traded up 5% on Monday . The company traded as high as $5.75 and last traded at $5.69. 10,134 shares changed hands during trading, a decline of 84% from the average session volume of 65,024 shares. The stock had previously closed at $5.42.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. Roth Mkm initiated coverage on ESS Tech in a research report on Friday, July 12th. They set a “buy” rating and a $0.10 price objective on the stock. Roth Capital raised ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Deutsche Bank Aktiengesellschaft dropped their target price on ESS Tech from $0.08 to $0.06 and set a “hold” rating on the stock in a report on Friday, August 16th. Canaccord Genuity Group dropped their target price on ESS Tech from $0.08 to $0.07 and set a “hold” rating on the stock in a report on Friday, August 16th. Finally, TD Cowen dropped their target price on ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a report on Thursday, August 15th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $0.12.

ESS Tech Price Performance

The company has a market cap of $1.13 billion, a price-to-earnings ratio of -14.31 and a beta of 1.48. The firm’s 50 day simple moving average is $2.16 and its 200-day simple moving average is $0.79.

ESS Tech (NYSE:GWH) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.01). ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. The company had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. On average, analysts forecast that ESS Tech, Inc. will post -6.74 EPS for the current year.

Insider Buying and Selling at ESS Tech

In other 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 transaction of $40,040.00. Following the completion of the sale, the director now owns 15,537 shares in the company, valued at $88,871.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ESS Tech

Several hedge funds have recently made changes to their positions in GWH. Vanguard Group Inc. boosted its stake in shares of ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after buying an additional 212,070 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ESS Tech during the second quarter worth about $148,000. AQR Capital Management LLC acquired a new stake in shares of ESS Tech during the second quarter worth about $84,000. SG Americas Securities LLC acquired a new stake in shares of ESS Tech during the first quarter worth about $31,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech during the second quarter worth about $34,000. Institutional investors and hedge funds 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.