ESS Tech (NYSE:GWH) Trading Up 6.9% – What’s Next?

ESS Tech, Inc. (NYSE:GWH) shares were up 6.9% during mid-day trading on Monday . The company traded as high as $8.52 and last traded at $8.39. Approximately 66,747 shares traded hands during mid-day trading, an increase of 3% from the average daily volume of 64,780 shares. The stock had previously closed at $7.85.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on GWH shares. Canaccord Genuity Group lowered their price target on ESS Tech from $1.25 to $1.00 and set a “hold” rating for the company in a report on Friday, August 16th. TD Cowen reduced their price objective on ESS Tech from $2.00 to $1.50 and set a “buy” rating for the company in a research note on Thursday, August 15th. Roth Mkm initiated coverage on ESS Tech in a research note on Friday, July 12th. They issued a “buy” rating and a $1.50 price objective for the company. Deutsche Bank Aktiengesellschaft reduced their price objective on ESS Tech from $1.15 to $0.90 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, Roth Capital upgraded ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. Three equities 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $1.45.

ESS Tech Price Performance

The company has a 50 day moving average price of $4.68 and a 200 day moving average price of $2.14. The firm has a market cap of $1.45 billion, a PE ratio of -18.62 and a beta of 1.47.

ESS Tech (NYSE:GWH) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.65) by ($0.15). The business had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. On average, equities analysts anticipate that ESS Tech, Inc. will post -6.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the sale, the director now owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is currently owned by company insiders.

Institutional Trading of ESS Tech

Large investors have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC acquired a new stake in ESS Tech in the second quarter valued at $27,000. Paloma Partners Management Co acquired a new stake in ESS Tech in the first quarter valued at $27,000. Point72 DIFC Ltd acquired a new stake in ESS Tech in the second quarter valued at $32,000. CWM LLC acquired a new stake in ESS Tech in the second quarter valued at $34,000. Finally, SG Americas Securities LLC acquired a new stake in ESS Tech in the first quarter valued at $31,000. Institutional investors and hedge funds 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.