ESS Tech (NYSE:GWH) Stock Rating Lowered by Oppenheimer

ESS Tech (NYSE:GWH) was downgraded by equities research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday, MarketBeat Ratings reports.

Several other equities research analysts have also recently issued reports on GWH. TD Cowen lowered their price objective on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, Canaccord Genuity Group dropped their price target on ESS Tech from $18.75 to $15.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $14.58.

ESS Tech Trading Down 28.6 %

Shares of NYSE:GWH opened at $5.23 on Thursday. The company has a market cap of $61.68 million, a price-to-earnings ratio of -0.92 and a beta of 1.41. The company has a 50-day moving average price of $7.15 and a 200 day moving average price of $9.59. ESS Tech has a 12 month low of $5.13 and a 12 month high of $20.10.

ESS Tech (NYSE:GWH) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). ESS Tech had a negative return on equity of 90.93% and a negative net margin of 1,263.79%. The firm had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. As a group, equities analysts forecast that ESS Tech will post -6.72 EPS for the current year.

Insider Activity

In related 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 sale, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. This trade represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Point72 DIFC Ltd acquired a new stake in shares of ESS Tech during the second quarter worth about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in ESS Tech in the 2nd quarter valued at approximately $148,000. AQR Capital Management LLC acquired a new position in shares of ESS Tech in the second quarter worth $84,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of ESS Tech during the second quarter worth $27,000. Finally, CWM LLC purchased a new stake in shares of ESS Tech during the second quarter worth $34,000. 46.77% of the stock is currently owned by hedge funds and other institutional investors.

About ESS Tech

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.