ESS Tech (NYSE:GWH) PT Lowered to $2.00

ESS Tech (NYSE:GWH – Get Rating) had its price objective decreased by research analysts at Deutsche Bank Aktiengesellschaft from $6.00 to $2.00 in a research report issued on Friday, The Fly reports. Deutsche Bank Aktiengesellschaft’s price target indicates a potential upside of 81.82% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Chardan Capital cut their target price on ESS Tech from $4.50 to $1.80 and set a “neutral” rating on the stock in a research note on Friday, March 3rd. EF Hutton Acquisition Co. I cut their target price on ESS Tech from $6.00 to $4.00 and set a “buy” rating on the stock in a research note on Thursday, March 2nd. Finally, TD Cowen cut their target price on ESS Tech from $7.00 to $4.50 and set an “outperform” rating on the stock in a research note on Thursday, March 2nd. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, ESS Tech currently has a consensus rating of “Moderate Buy” and a consensus target price of $4.34.

ESS Tech Trading Down 9.1 %

GWH opened at $1.10 on Friday. The stock has a fifty day simple moving average of $2.11 and a two-hundred day simple moving average of $3.11. ESS Tech has a 12-month low of $1.02 and a 12-month high of $6.28.

ESS Tech (NYSE:GWH – Get Rating) last posted its quarterly earnings data on Wednesday, March 1st. The company reported ($0.16) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.02. The firm had revenue of $0.02 million during the quarter, compared to the consensus estimate of $1.78 million. Research analysts forecast that ESS Tech will post -0.88 earnings per share for the current fiscal year.

Insider Activity at ESS Tech

In other ESS Tech news, Director Michael R. Niggli acquired 19,100 shares of the company’s stock in a transaction that occurred on Thursday, December 15th. The shares were bought at an average cost of $2.56 per share, with a total value of $48,896.00. Following the completion of the transaction, the director now directly owns 578,821 shares of the company’s stock, valued at approximately $1,481,781.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 6.80% of the stock is currently owned by insiders.

Institutional Investors Weigh In On ESS Tech

Several institutional investors have recently modified their holdings of the business. JPMorgan Chase & Co. boosted its position in ESS Tech by 10.7% in the first quarter. JPMorgan Chase & Co. now owns 36,076 shares of the company’s stock worth $201,000 after purchasing an additional 3,473 shares during the last quarter. Citigroup Inc. purchased a new position in ESS Tech in the first quarter worth about $72,000. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in ESS Tech in the first quarter worth about $683,000. BlackRock Inc. boosted its position in ESS Tech by 2.7% in the first quarter. BlackRock Inc. now owns 700,191 shares of the company’s stock worth $3,900,000 after purchasing an additional 18,232 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in ESS Tech by 94.8% in the first quarter. Vanguard Group Inc. now owns 1,764,573 shares of the company’s stock worth $9,829,000 after purchasing an additional 858,910 shares during the last quarter. 40.84% of the stock is owned by hedge funds and other institutional investors.

About ESS Tech

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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.