Point72 DIFC Ltd Takes $32,000 Position in ESS Tech, Inc. (NYSE:GWH)

Point72 DIFC Ltd acquired a new stake in shares of ESS Tech, Inc. (NYSE:GWH) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 39,197 shares of the company’s stock, valued at approximately $32,000.

Other hedge funds have also recently made changes to their positions in the company. Paloma Partners Management Co purchased a new stake in ESS Tech during the first quarter valued at approximately $27,000. Vanguard Personalized Indexing Management LLC purchased a new stake in ESS Tech during the second quarter valued at approximately $27,000. SG Americas Securities LLC purchased a new stake in ESS Tech during the first quarter valued at approximately $31,000. CWM LLC purchased a new stake in ESS Tech during the second quarter valued at approximately $34,000. Finally, Green Alpha Advisors LLC increased its holdings in ESS Tech by 11.7% during the first 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 last quarter. 46.77% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at ESS Tech

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 completion of the transaction, the director now owns 15,537 shares in the company, valued at $88,871.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is owned by company insiders.

ESS Tech Stock Performance

Shares of NYSE:GWH opened at $6.62 on Monday. The firm has a fifty day moving average price of $3.01 and a 200 day moving average price of $1.09. ESS Tech, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $31.65. The firm has a market cap of $1.16 billion, a price-to-earnings ratio of -14.71 and a beta of 1.48.

ESS Tech (NYSE:GWH) last issued 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 company had revenue of $0.35 million for the quarter, compared to the consensus estimate of $3.24 million. As a group, research analysts predict that ESS Tech, Inc. will post -6.74 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on GWH. TD Cowen reduced their target price on shares of ESS Tech from $0.13 to $0.10 and set a “buy” rating for the company in a report on Thursday, August 15th. Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of ESS Tech from $0.08 to $0.06 and set a “hold” rating for the company in a research note on Friday, August 16th. Roth Mkm began 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 research 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 company’s stock. Based on data from MarketBeat.com, ESS Tech presently has an average rating of “Moderate Buy” and a consensus target price of $0.10.

ESS Tech 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.