ESS Tech (NYSE:GWH) Shares Down 4.5%

ESS Tech, Inc. (NYSE:GWH) dropped 4.5% during trading on Monday . The company traded as low as $6.29 and last traded at $6.32. Approximately 19,120 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 65,462 shares. The stock had previously closed at $6.62.

Wall Street Analysts Forecast Growth

GWH has been the topic of several research reports. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of ESS Tech from $0.08 to $0.06 and set a “hold” rating on the stock in a research report on Friday, August 16th. TD Cowen lowered their target price on shares of ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a report on Thursday, August 15th. Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Roth Mkm started coverage on shares of ESS Tech in a research note on Friday, July 12th. They issued a “buy” rating and a $0.10 price objective for the company. Finally, Canaccord Genuity Group reduced their price objective on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating for the company in a research note on Friday, August 16th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ESS Tech currently has a consensus rating of “Moderate Buy” and an average price target of $0.10.

ESS Tech Price Performance

The company has a market cap of $1.12 billion, a price-to-earnings ratio of -14.71 and a beta of 1.48. The firm’s 50-day moving average price is $3.01 and its 200-day moving average price is $1.09.

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

Insider Activity

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.80% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

Several large investors have recently bought and sold shares of the stock. Green Alpha Advisors LLC increased its stake in ESS Tech by 11.7% during the 1st quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock valued at $159,000 after buying an additional 23,022 shares during the period. Vanguard Personalized Indexing Management LLC acquired a new position in shares of ESS Tech in the second quarter worth about $27,000. Paloma Partners Management Co acquired a new stake in shares of ESS Tech during the first quarter worth approximately $27,000. Point72 DIFC Ltd acquired a new stake in shares of ESS Tech during the second quarter worth approximately $32,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech during the second quarter worth approximately $34,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

ESS Tech Company Profile

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.