Brokerages Set ESS Tech, Inc. (NYSE:GWH) Target Price at $10.20

ESS Tech, Inc. (NYSE:GWH) has received an average recommendation of “Reduce” from the nine brokerages that are covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. The average 1-year price target among analysts that have covered the stock in the last year is $8.92.

GWH has been the topic of a number of recent analyst reports. Cowen lowered shares of ESS Tech from a “buy” rating to a “hold” rating in a research report on Wednesday, April 2nd. Canaccord Genuity Group reduced their target price on shares of ESS Tech from $8.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday, April 1st. Roth Mkm downgraded shares of ESS Tech from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $17.00 to $3.00 in a research note on Tuesday, March 4th. Roth Capital set a $2.50 price target on shares of ESS Tech and gave the stock a “neutral” rating in a research note on Friday. Finally, TD Cowen downgraded shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 2nd.

Institutional Investors Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. lifted its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 405,938 shares of the company’s stock after acquiring an additional 178,532 shares during the period. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 at the end of the most recent quarter. Institutional investors own 46.77% of the company’s stock.

ESS Tech Price Performance

NYSE GWH opened at $1.97 on Friday. The firm has a market capitalization of $23.84 million, a price-to-earnings ratio of -0.30 and a beta of 1.38. The company’s fifty day moving average is $2.57 and its two-hundred day moving average is $4.45. ESS Tech has a 52-week low of $1.91 and a 52-week high of $14.10.

ESS Tech (NYSE:GWH) last issued its earnings results on Thursday, May 15th. The company reported ($1.50) earnings per share for the quarter, beating the consensus estimate of ($1.66) by $0.16. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 101.96%. The business had revenue of $0.60 million for the quarter, compared to analyst estimates of $3.45 million. As a group, sell-side analysts expect that ESS Tech will post -6.87 earnings per share for the current fiscal year.

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.