Canaccord Genuity Group Reaffirms Hold Rating for ESS Tech (NYSE:GWH)

ESS Tech (NYSE:GWH)‘s stock had its “hold” rating reissued by equities research analysts at Canaccord Genuity Group in a research report issued on Thursday,Benzinga reports. They currently have a $8.00 price objective on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 52.96% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft dropped their target price on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research report on Friday, August 16th. Robert W. Baird lowered shares of ESS Tech from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $14.00 to $9.00 in a research note on Thursday. Oppenheimer cut ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, TD Cowen lowered their price target on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a report on Thursday, August 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $14.58.

ESS Tech Stock Performance

GWH opened at $5.23 on Thursday. ESS Tech has a twelve month low of $5.13 and a twelve month high of $20.10. The business has a 50 day moving average price of $7.14 and a 200 day moving average price of $9.56. The firm has a market cap of $61.68 million, a P/E ratio of -0.80 and a beta of 1.41.

ESS Tech (NYSE:GWH) last issued its 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 firm had revenue of $0.35 million during the quarter, compared to the consensus estimate of $3.24 million. ESS Tech had a negative return on equity of 90.93% and a negative net margin of 1,263.79%. As a group, analysts anticipate that ESS Tech will post -6.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the completion of the transaction, the director now owns 15,537 shares of the company’s stock, valued at $88,871.64. This represents a 31.06 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 2.30% of the company’s stock.

Institutional Trading of ESS Tech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Personalized Indexing Management LLC bought a new stake in ESS Tech during the 2nd quarter worth approximately $27,000. Paloma Partners Management Co acquired a new position in ESS Tech during the 1st quarter worth about $27,000. SG Americas Securities LLC bought a new stake in shares of ESS Tech in the 1st quarter valued at about $31,000. Point72 DIFC Ltd acquired a new stake in shares of ESS Tech in the second quarter valued at about $32,000. Finally, CWM LLC bought a new position in shares of ESS Tech during the second quarter worth about $34,000. 46.77% of the stock is currently owned by institutional investors.

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.