ESS Tech (NYSE:GWH) Downgraded to “Market Perform” Rating by Oppenheimer

Oppenheimer lowered shares of ESS Tech (NYSE:GWH) from an outperform rating to a market perform rating in a research note issued to investors on Thursday, MarketBeat.com reports.

A number of other research analysts also recently weighed in on GWH. TD Cowen lowered their price objective on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft dropped their price target on ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Finally, Canaccord Genuity Group lowered their target price on ESS Tech from $18.75 to $15.00 and set a “hold” rating on the stock in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ESS Tech has an average rating of “Hold” and a consensus price target of $14.58.

ESS Tech Price Performance

NYSE:GWH traded down $2.03 during mid-day trading on Thursday, hitting $5.30. 295,128 shares of the company’s stock were exchanged, compared to its average volume of 69,187. The business has a fifty day moving average price of $7.15 and a 200 day moving average price of $9.59. ESS Tech has a one year low of $5.20 and a one year high of $20.10. The company has a market cap of $62.51 million, a PE ratio of -0.92 and a beta of 1.41.

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

Insider Activity

In related news, Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was 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 of the company’s stock, valued at approximately $88,871.64. The trade was a 31.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings 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. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ESS Tech in the 2nd quarter valued at about $148,000. SG Americas Securities LLC bought a new position in shares of ESS Tech during the 1st quarter worth approximately $31,000. CWM LLC purchased a new stake in ESS Tech during the second quarter valued at approximately $34,000. Finally, Point72 DIFC Ltd acquired a new stake in ESS Tech in the second quarter valued at approximately $32,000. Hedge funds and other institutional investors own 46.77% of the company’s stock.

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.