ESS Tech (NYSE:GWH) Shares Down 4.9%

Shares of ESS Tech, Inc. (NYSE:GWH) dropped 4.9% during mid-day trading on Friday . The stock traded as low as $5.92 and last traded at $6.03. Approximately 23,131 shares traded hands during trading, a decline of 65% from the average daily volume of 65,610 shares. The stock had previously closed at $6.34.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GWH. Deutsche Bank Aktiengesellschaft lowered their target price on ESS Tech from $0.08 to $0.06 and set a “hold” rating for the company in a report on Friday, August 16th. Canaccord Genuity Group decreased their price objective 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. TD Cowen cut their target price on ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Roth Mkm started coverage on shares of ESS Tech in a research report on Friday, July 12th. They set a “buy” rating and a $0.10 price target for the company. Finally, Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a research report on Friday, July 12th. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $0.12.

ESS Tech Trading Down 6.2 %

The company has a market cap of $1.04 billion, a PE ratio of -13.38 and a beta of 1.48. The firm’s 50-day simple moving average is $2.29 and its two-hundred day simple moving average is $0.83.

ESS Tech (NYSE:GWH) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). The company had revenue of $0.35 million for 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%. As a group, analysts predict that ESS Tech, Inc. will post -6.74 EPS for the current year.

Insider Activity at ESS Tech

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction that occurred 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 completion of the sale, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The sale was disclosed in a document filed with the SEC, which is accessible through 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 bought and sold shares of the stock. Green Alpha Advisors LLC boosted its position in ESS Tech by 11.7% in the 1st quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock worth $159,000 after purchasing an additional 23,022 shares in the last quarter. Vanguard Personalized Indexing Management LLC purchased a new stake in ESS Tech during the second quarter worth $27,000. Paloma Partners Management Co acquired a new stake in ESS Tech during the first quarter valued at $27,000. Point72 DIFC Ltd purchased a new position in ESS Tech in the second quarter valued at $32,000. Finally, CWM LLC acquired a new position in shares of ESS Tech in the second quarter worth about $34,000. 46.77% of the stock is owned by institutional investors and hedge funds.

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.