Short Interest in ESS Tech, Inc. (NYSE:GWH) Drops By 6.3%

ESS Tech, Inc. (NYSE:GWHGet Rating) saw a significant decrease in short interest in February. As of February 28th, there was short interest totalling 8,490,000 shares, a decrease of 6.3% from the February 13th total of 9,060,000 shares. Based on an average daily trading volume, of 1,430,000 shares, the short-interest ratio is presently 5.9 days. Approximately 16.6% of the shares of the stock are sold short.

Analyst Ratings Changes

A number of analysts recently weighed in on GWH shares. TD Cowen decreased their price objective on ESS Tech from $7.00 to $4.50 and set an “outperform” rating for the company in a report on Thursday, March 2nd. Deutsche Bank Aktiengesellschaft decreased their price objective on ESS Tech from $6.00 to $2.00 in a report on Friday, March 10th. Chardan Capital decreased their price target on ESS Tech from $4.50 to $1.80 and set a “neutral” rating for the company in a report on Friday, March 3rd. Finally, EF Hutton Acquisition Co. I decreased their price target on ESS Tech from $6.00 to $4.00 and set a “buy” rating for the company in a report on Thursday, March 2nd. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $4.34.

Insider Transactions at ESS Tech

In related news, Director Michael R. Niggli purchased 19,100 shares of the stock in a transaction dated Thursday, December 15th. The stock was bought at an average cost of $2.56 per share, for a total transaction of $48,896.00. Following the completion of the acquisition, the director now owns 578,821 shares of the company’s stock, valued at $1,481,781.76. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Company insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

Institutional investors and hedge funds have recently made changes to their positions in the stock. ProShare Advisors LLC bought a new position in ESS Tech in the 4th quarter valued at about $25,000. Private Trust Co. NA bought a new position in ESS Tech in the 4th quarter valued at about $26,000. CI Private Wealth LLC bought a new position in ESS Tech in the 4th quarter valued at about $27,000. Principal Financial Group Inc. bought a new position in ESS Tech in the 2nd quarter valued at about $33,000. Finally, Polar Capital Holdings Plc bought a new position in ESS Tech in the 1st quarter valued at about $66,000. Institutional investors own 40.84% of the company’s stock.

ESS Tech Price Performance

GWH stock opened at $1.08 on Wednesday. The company’s 50-day moving average is $2.06 and its 200-day moving average is $3.06. ESS Tech has a 1 year low of $1.02 and a 1 year high of $6.28.

ESS Tech (NYSE:GWHGet Rating) last released 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 company had revenue of $0.02 million for the quarter, compared to the consensus estimate of $1.78 million. As a group, equities analysts predict that ESS Tech will post -0.88 EPS for the current fiscal year.

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.

Further Reading

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