ESS Tech, Inc. (NYSE:GWH) Given Consensus Recommendation of “Moderate Buy” by Brokerages

ESS Tech, Inc. (NYSE:GWH) has received a consensus recommendation of “Moderate Buy” from the seven ratings firms that are currently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating on the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $21.75.

Several equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft cut their price target on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Roth Capital raised ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Roth Mkm initiated coverage on ESS Tech in a research report on Friday, July 12th. They set a “buy” rating and a $22.50 price target on the stock. TD Cowen decreased their price objective on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a report on Thursday, August 15th. Finally, 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 report on Friday, August 16th.

Insider Activity

In related news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction 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 transaction, the director now directly owns 15,537 shares in the company, valued at $88,871.64. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 1.80% of the company’s stock.

Institutional Trading of ESS Tech

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after purchasing an additional 212,070 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ESS Tech in the 2nd quarter valued at approximately $148,000. AQR Capital Management LLC purchased a new stake in shares of ESS Tech in the second quarter valued at approximately $84,000. SG Americas Securities LLC acquired a new position in ESS Tech during the first quarter worth $31,000. Finally, CWM LLC purchased a new position in ESS Tech in the second quarter worth $34,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

ESS Tech Stock Performance

GWH opened at $7.83 on Monday. ESS Tech has a one year low of $5.20 and a one year high of $21.26. The company has a market cap of $1.37 billion, a P/E ratio of -17.40 and a beta of 1.47. The business’s 50-day simple moving average is $6.90 and its 200-day simple moving average is $9.79.

ESS Tech (NYSE:GWH) last announced 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 company had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. As a group, analysts predict that ESS Tech will post -6.72 earnings per share for the current fiscal year.

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.