ESS Tech (NYSE:GWH) Stock Price Down 4.5%

ESS Tech, Inc. (NYSE:GWH)’s share price dropped 4.5% on Monday . The stock traded as low as $6.29 and last traded at $6.32. Approximately 19,120 shares traded hands during mid-day trading, a decline of 71% from the average daily volume of 65,462 shares. The stock had previously closed at $6.62.

Wall Street Analyst Weigh In

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

ESS Tech Price Performance

The stock has a 50-day moving average price of $3.01 and a two-hundred day moving average price of $1.09. The stock has a market cap of $1.12 billion, a PE ratio of -14.71 and a beta of 1.48.

ESS Tech (NYSE:GWH) last posted its quarterly earnings results on Wednesday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.01). The company had revenue of $0.35 million for the quarter, compared to the consensus estimate of $3.24 million. ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. Equities research analysts expect that ESS Tech, Inc. will post -6.74 earnings per share for the current year.

Insider Activity at ESS Tech

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 shares were 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 in the company, valued at $88,871.64. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of GWH. Vanguard Group Inc. grew its stake in shares of ESS Tech by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after buying an additional 212,070 shares during the period. SG Americas Securities LLC acquired a new position in shares of ESS Tech in the 1st quarter worth approximately $31,000. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ESS Tech in the 2nd quarter worth approximately $148,000. CWM LLC acquired a new position in shares of ESS Tech in the 2nd quarter worth approximately $34,000. Finally, Point72 DIFC Ltd acquired a new position in shares of ESS Tech in the 2nd quarter worth approximately $32,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

ESS Tech Company 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.