Point72 Asia Singapore Pte. Ltd. Makes New Investment in ESS Tech, Inc. (NYSE:GWH)

Point72 Asia Singapore Pte. Ltd. bought a new position in shares of ESS Tech, Inc. (NYSE:GWH) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 180,370 shares of the company’s stock, valued at approximately $148,000. Point72 Asia Singapore Pte. Ltd. owned approximately 0.10% of ESS Tech at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vanguard Personalized Indexing Management LLC purchased a new position in ESS Tech in the second quarter worth $27,000. Paloma Partners Management Co acquired a new position in shares of ESS Tech during the 1st quarter worth $27,000. SG Americas Securities LLC acquired a new position in shares of ESS Tech during the 1st quarter worth $31,000. Point72 DIFC Ltd purchased a new position in shares of ESS Tech in the 2nd quarter valued at about $32,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech in the second quarter valued at about $34,000. 46.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

GWH has been the topic of several recent analyst reports. Canaccord Genuity Group lowered their target price on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating on the stock in a research report on Friday, August 16th. Roth Capital raised ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Roth Mkm assumed coverage on ESS Tech in a report on Friday, July 12th. They issued a “buy” rating and a $0.10 target price on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on ESS Tech from $0.08 to $0.06 and set a “hold” rating for the company in a research report on Friday, August 16th. Finally, TD Cowen lowered their price objective on shares of ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $0.10.

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction 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 completion of the transaction, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.80% of the stock is owned by company insiders.

ESS Tech Stock Up 1.5 %

GWH opened at $6.62 on Friday. The firm has a market cap of $78.05 million, a P/E ratio of -14.71 and a beta of 1.48. The business’s fifty day simple moving average is $2.88 and its 200 day simple moving average is $1.03. ESS Tech, Inc. has a 52 week low of $5.20 and a 52 week high of $31.65.

ESS Tech (NYSE:GWH) last released its earnings results on Wednesday, August 14th. The company reported ($0.12) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). The firm had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. As a group, equities analysts expect that ESS Tech, Inc. will post -6.74 EPS for the current fiscal year.

ESS Tech 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.