Short Interest in ESS Tech, Inc. (NYSE:GWH) Drops By 10.9%

ESS Tech, Inc. (NYSE:GWH) was the target of a large drop in short interest during the month of August. As of August 31st, there was short interest totalling 404,300 shares, a drop of 10.9% from the August 15th total of 453,700 shares. Based on an average daily trading volume, of 80,000 shares, the days-to-cover ratio is presently 5.1 days. Currently, 8.2% of the company’s stock are short sold.

ESS Tech Trading Up 3.6 %

Shares of GWH traded up $0.22 during mid-day trading on Wednesday, reaching $6.37. The company’s stock had a trading volume of 87,630 shares, compared to its average volume of 65,667. ESS Tech has a 1-year low of $5.20 and a 1-year high of $31.65. The business has a 50-day simple moving average of $2.04 and a two-hundred day simple moving average of $0.75. The stock has a market cap of $1.11 billion, a P/E ratio of -14.36 and a beta of 1.48.

ESS Tech (NYSE:GWH) last announced its quarterly earnings results 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 business had revenue of $0.35 million for the quarter, compared to analyst estimates of $3.24 million. Research analysts anticipate that ESS Tech will post -6.74 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on GWH shares. TD Cowen decreased their target price on shares of ESS Tech from $0.13 to $0.10 and set a “buy” rating for the company in a research report on Thursday, August 15th. Roth Mkm started coverage on ESS Tech in a report on Friday, July 12th. They issued a “buy” rating and a $0.10 price objective for the company. 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 decreased their price target on ESS Tech from $0.08 to $0.07 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, Roth Capital upgraded ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. Three equities research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $0.12.

Insider Activity at ESS Tech

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was 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 owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is owned by insiders.

Institutional Trading of ESS Tech

Several hedge funds and other institutional investors have recently modified their holdings of GWH. Paloma Partners Management Co bought a new position in ESS Tech in the 1st quarter valued at about $27,000. Vanguard Personalized Indexing Management LLC acquired a new position in shares of ESS Tech in the second quarter valued at approximately $27,000. SG Americas Securities LLC bought a new position in shares of ESS Tech during the first quarter worth approximately $31,000. Point72 DIFC Ltd acquired a new stake in ESS Tech during the 2nd quarter worth approximately $32,000. Finally, CWM LLC bought a new stake in ESS Tech in the 2nd quarter valued at $34,000. 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.