Weekly Research Analysts’ Ratings Changes for ESS Tech (GWH)

Several brokerages have updated their recommendations and price targets on shares of ESS Tech (NYSE: GWH) in the last few weeks:

• 3/10/2023 – ESS Tech had its price target lowered by analysts at Deutsche Bank Aktiengesellschaft from $6.00 to $2.00.
• 3/3/2023 – ESS Tech had its price target lowered by analysts at Chardan Capital from $4.50 to $1.80. They now have a “neutral” rating on the stock.
• 3/2/2023 – ESS Tech had its price target lowered by analysts at TD Cowen from $7.00 to $4.50. They now have an “outperform” rating on the stock.
• 3/2/2023 – ESS Tech had its price target lowered by analysts at EF Hutton Acquisition Co. I from $6.00 to $4.00. They now have a “buy” rating on the stock.

ESS Tech Stock Down 6.1 %

Shares of ESS Tech stock opened at $1.08 on Wednesday. The firm has a market capitalization of $166.65 million, a P/E ratio of -2.12 and a beta of 1.95. The company has a 50 day moving average price of $2.06 and a 200 day moving average price of $3.06. ESS Tech, Inc. has a 52 week low of $1.02 and a 52 week high of $6.28.

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

Insider Transactions at ESS Tech

In related news, Director Michael R. Niggli acquired 19,100 shares of ESS Tech stock in a transaction that occurred on Thursday, December 15th. The shares were purchased at an average cost of $2.56 per share, for a total transaction of $48,896.00. Following the acquisition, the director now owns 578,821 shares in the company, valued at $1,481,781.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 6.80% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. grew its holdings in ESS Tech by 10.7% during the first quarter. JPMorgan Chase & Co. now owns 36,076 shares of the company’s stock worth $201,000 after acquiring an additional 3,473 shares during the period. Citigroup Inc. purchased a new stake in shares of ESS Tech during the 1st quarter valued at about $72,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in ESS Tech during the 1st quarter valued at approximately $683,000. BlackRock Inc. grew its position in shares of ESS Tech by 2.7% in the 1st quarter. BlackRock Inc. now owns 700,191 shares of the company’s stock worth $3,900,000 after acquiring an additional 18,232 shares in the last quarter. Finally, Vanguard Group Inc. lifted its holdings in shares of ESS Tech by 94.8% in the 1st 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 institutional investors and hedge funds.

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.