ESS Tech, Inc. (NYSE:GWH) Short Interest Update

ESS Tech, Inc. (NYSE:GWH) was the recipient of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 356,500 shares, a decline of 17.5% from the February 28th total of 432,300 shares. Currently, 7.1% of the shares of the company are short sold. Based on an average daily volume of 79,400 shares, the short-interest ratio is presently 4.5 days.

Institutional Investors Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. grew its holdings in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 405,938 shares of the company’s stock after buying an additional 178,532 shares during the period. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 46.77% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have commented on GWH. Roth Mkm lowered ESS Tech from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $17.00 to $3.00 in a research note on Tuesday, March 4th. Roth Capital cut ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, ESS Tech has an average rating of “Hold” and an average price target of $11.20.

ESS Tech Stock Performance

Shares of NYSE:GWH traded down $0.27 during mid-day trading on Wednesday, reaching $2.58. 109,460 shares of the company’s stock were exchanged, compared to its average volume of 74,836. ESS Tech has a twelve month low of $2.53 and a twelve month high of $14.10. The firm has a market capitalization of $30.66 million, a price-to-earnings ratio of -0.39 and a beta of 1.37. The business’s fifty day moving average price is $4.17 and its 200-day moving average price is $5.63.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results on Monday, March 31st. The company reported ($1.97) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.51) by ($0.46). The firm had revenue of $6.40 million during the quarter, compared to analyst estimates of $5.80 million. ESS Tech had a negative return on equity of 101.96% and a negative net margin of 1,263.79%. Analysts predict that ESS Tech will post -6.87 EPS for the current fiscal year.

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.