ESS Tech, Inc. (NYSE:GWH) Sees Significant Growth in Short Interest

ESS Tech, Inc. (NYSE:GWH) was the target of a large growth in short interest in November. As of November 30th, there was short interest totalling 418,900 shares, a growth of 20.3% from the November 15th total of 348,200 shares. Currently, 8.3% of the company’s shares are sold short. Based on an average daily volume of 87,900 shares, the days-to-cover ratio is currently 4.8 days.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Canaccord Genuity Group reaffirmed a “hold” rating and issued a $8.00 target price on shares of ESS Tech in a research report on Thursday, November 14th. Oppenheimer downgraded shares of ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 14th. Robert W. Baird downgraded shares of ESS Tech from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $14.00 to $9.00 in a research report on Thursday, November 14th. Finally, Baird R W downgraded shares of ESS Tech from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, ESS Tech presently has an average rating of “Hold” and a consensus target price of $14.58.

Institutional Trading of ESS Tech

A number of institutional investors have recently made changes to their positions in GWH. Vanguard Personalized Indexing Management LLC bought a new position in shares of ESS Tech in the 2nd quarter worth approximately $27,000. Point72 DIFC Ltd bought a new position in shares of ESS Tech in the 2nd quarter worth approximately $32,000. CWM LLC bought a new position in shares of ESS Tech in the 2nd quarter worth approximately $34,000. AQR Capital Management LLC bought a new position in shares of ESS Tech in the 2nd quarter worth approximately $84,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of ESS Tech in the 2nd quarter worth approximately $148,000. Hedge funds and other institutional investors own 46.77% of the company’s stock.

ESS Tech Stock Down 3.4 %

Shares of NYSE GWH opened at $5.09 on Monday. The firm’s 50-day moving average price is $6.99 and its 200-day moving average price is $8.66. The company has a market cap of $60.47 million, a PE ratio of -0.78 and a beta of 1.33. ESS Tech has a 52-week low of $4.68 and a 52-week high of $20.10.

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.