ESS Tech (NYSE:GWH) Releases Earnings Results, Misses Estimates By $0.46 EPS

ESS Tech (NYSE:GWH) released its quarterly earnings data on Monday. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($1.51) by ($0.46), Zacks reports. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 101.96%. The firm had revenue of $6.40 million during the quarter, compared to analyst estimates of $5.80 million.

ESS Tech Stock Down 12.5 %

NYSE:GWH opened at $2.85 on Wednesday. The business’s 50 day moving average is $4.23 and its two-hundred day moving average is $5.65. ESS Tech has a 52 week low of $2.55 and a 52 week high of $14.10. The company has a market cap of $33.88 million, a PE ratio of -0.44 and a beta of 1.37.

Analyst Ratings Changes

A number of brokerages recently weighed in on GWH. Roth Mkm cut shares of ESS Tech from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $17.00 to $3.00 in a research report on Tuesday, March 4th. Roth Capital downgraded ESS Tech from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $11.20.

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.