State Street Corp Sells 291,685 Shares of ESS Tech, Inc. (NYSE:GWH)

State Street Corp cut its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 94.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 16,538 shares of the company’s stock after selling 291,685 shares during the quarter. State Street Corp’s holdings in ESS Tech were worth $105,000 as of its most recent SEC filing.

Several other large investors have also recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC purchased a new stake in ESS Tech during the 2nd quarter valued at about $27,000. Point72 DIFC Ltd bought a new position in shares of ESS Tech in the second quarter worth approximately $32,000. AQR Capital Management LLC purchased a new stake in shares of ESS Tech during the second quarter valued at approximately $84,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ESS Tech during the second quarter valued at approximately $148,000. Hedge funds and other institutional investors own 46.77% of the company’s stock.

ESS Tech Stock Performance

ESS Tech stock opened at $6.34 on Friday. The stock has a market cap of $75.34 million, a PE ratio of -0.97 and a beta of 1.33. The stock has a fifty day moving average of $6.31 and a 200 day moving average of $8.10. ESS Tech, Inc. has a one year low of $4.35 and a one year high of $17.56.

Analyst Ratings Changes

GWH has been the topic of several analyst reports. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $8.00 price objective on shares of ESS Tech in a research report on Thursday, November 14th. Baird R W downgraded ESS Tech from a “strong-buy” rating to a “strong sell” rating in a report on Thursday, November 14th. Oppenheimer downgraded ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday, November 14th. Finally, Robert W. Baird cut shares of ESS Tech from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $14.00 to $9.00 in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $14.58.

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.