ESS Tech, Inc. (NYSE:GWH – Get Free Report) shot up 7.1% on Tuesday . The stock traded as high as $6.23 and last traded at $6.20. 25,666 shares changed hands during trading, a decline of 61% from the average session volume of 65,795 shares. The stock had previously closed at $5.79.
Wall Street Analysts Forecast Growth
Several research analysts have recently issued reports on the company. Roth Mkm started coverage on ESS Tech in a research report on Friday, July 12th. They set a “buy” rating and a $0.10 price objective for the company. TD Cowen lowered their price objective on ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a report on Thursday, August 15th. Canaccord Genuity Group decreased their price objective on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating on the stock in a report on Friday, August 16th. Roth Capital raised ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on ESS Tech from $0.08 to $0.06 and set a “hold” rating on the stock in a research note on Friday, August 16th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $0.12.
Read Our Latest Analysis on ESS Tech
ESS Tech Stock Up 4.0 %
ESS Tech (NYSE:GWH – Get Free Report) last released its earnings results 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). ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. The firm had revenue of $0.35 million for the quarter, compared to analyst estimates of $3.24 million. As a group, equities research analysts forecast that ESS Tech, Inc. will post -6.74 earnings per share for the current year.
Insiders Place Their Bets
In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s 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 transaction, the director now owns 15,537 shares in the company, valued at $88,871.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.80% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors have recently modified their holdings of GWH. Paloma Partners Management Co bought a new position in ESS Tech in the 1st quarter worth approximately $27,000. Vanguard Personalized Indexing Management LLC acquired a new stake in ESS Tech during the 2nd quarter worth $27,000. SG Americas Securities LLC acquired a new stake in ESS Tech during the 1st quarter worth $31,000. Point72 DIFC Ltd acquired a new stake in ESS Tech during the 2nd quarter worth $32,000. Finally, CWM LLC acquired a new stake in ESS Tech during the 2nd quarter worth $34,000. Institutional investors 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.
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