ESS Tech (NYSE:GWH) Downgraded by Robert W. Baird to “Underperform”

ESS Tech (NYSE:GWH) was downgraded by stock analysts at Robert W. Baird from a “neutral” rating to an “underperform” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports. They presently have a $9.00 price target on the stock, down from their prior price target of $14.00. Robert W. Baird’s price objective points to a potential upside of 0.84% from the stock’s current price.

A number of other equities analysts have also weighed in on the company. Canaccord Genuity Group lowered their target price 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. Deutsche Bank Aktiengesellschaft lowered their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. TD Cowen lowered their target price on ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, Oppenheimer downgraded ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $15.75.

ESS Tech Trading Down 1.9 %

Shares of NYSE GWH opened at $8.93 on Thursday. The firm has a market cap of $105.23 million, a P/E ratio of -1.42 and a beta of 1.41. ESS Tech has a 1-year low of $5.20 and a 1-year high of $21.15. The business’s 50 day moving average is $7.07 and its 200-day moving average is $9.62.

ESS Tech (NYSE:GWH) last announced its earnings results 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). The firm had revenue of $0.35 million for the quarter, compared to the consensus estimate of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. Analysts forecast that ESS Tech will post -6.72 EPS for the current year.

Insider Buying and Selling

In related news, Director Sandeep Nijhawan sold 7,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the sale, the director now owns 15,537 shares of the company’s stock, valued at $88,871.64. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ESS Tech

A number of large investors have recently modified their holdings of the business. Vanguard Group Inc. boosted its holdings in shares of ESS Tech by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after purchasing an additional 212,070 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of ESS Tech in the 2nd quarter valued at $148,000. AQR Capital Management LLC bought a new position in shares of ESS Tech in the 2nd quarter valued at $84,000. SG Americas Securities LLC bought a new position in shares of ESS Tech in the 1st quarter valued at $31,000. Finally, CWM LLC bought a new position in shares of ESS Tech in the 2nd quarter valued at $34,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

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.