ESS Tech (NYSE:GWH) Cut to Market Perform at Oppenheimer

Oppenheimer downgraded shares of ESS Tech (NYSE:GWH) from an outperform rating to a market perform rating in a research report report published on Thursday, Marketbeat.com reports.

Several other equities analysts also recently weighed in on the company. Deutsche Bank Aktiengesellschaft dropped their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research report on Friday, August 16th. Canaccord Genuity Group cut their target price on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Finally, TD Cowen reduced their target price on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a report on Thursday, August 15th. Two 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 MarketBeat, ESS Tech has an average rating of “Hold” and a consensus price target of $14.58.

ESS Tech Stock Down 28.9 %

NYSE:GWH opened at $5.21 on Thursday. ESS Tech has a fifty-two week low of $5.13 and a fifty-two week high of $20.10. The company has a 50 day moving average price of $7.14 and a 200 day moving average price of $9.55.

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

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total value of $40,040.00. Following the sale, the director now directly owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. This represents a 31.06 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 2.30% of the stock is owned by insiders.

Institutional Trading of ESS Tech

A number of institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC purchased a new stake in ESS Tech during the first quarter worth approximately $31,000. Vanguard Group Inc. raised its stake in ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after acquiring an additional 212,070 shares in the last quarter. Paloma Partners Management Co purchased a new position in shares of ESS Tech during the first quarter worth about $27,000. CWM LLC acquired a new stake in shares of ESS Tech in the 2nd quarter valued at about $34,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new position in ESS Tech during the 2nd quarter worth approximately $27,000. 46.77% of the stock is owned by hedge funds and other institutional investors.

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.