ESS Tech (NYSE:GWH) Price Target Cut to $2.00 by Analysts at Robert W. Baird

ESS Tech (NYSE:GWH) had its target price decreased by Robert W. Baird from $6.00 to $2.00 in a report released on Monday morning,Benzinga reports. Robert W. Baird currently has a neutral rating on the stock.

Separately, Roth Capital set a $2.50 target price on shares of ESS Tech and gave the company a “neutral” rating in a research note on Friday, May 16th. One investment analyst has rated the stock with a sell rating and seven have assigned a hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $2.63.

ESS Tech Stock Performance

ESS Tech stock opened at $1.62 on Monday. The company has a 50 day moving average price of $1.54 and a 200 day moving average price of $2.46. ESS Tech has a 52 week low of $0.76 and a 52 week high of $10.12. The firm has a market capitalization of $20.83 million, a price-to-earnings ratio of -0.26 and a beta of 1.23.

ESS Tech (NYSE:GWH) last posted its quarterly earnings data on Thursday, August 14th. The company reported ($0.90) EPS for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). ESS Tech had a negative return on equity of 249.73% and a negative net margin of 1,217.22%. The firm had revenue of $2.36 million during the quarter, compared to analyst estimates of $0.60 million. Equities analysts forecast that ESS Tech will post -6.87 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. grew its holdings in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 405,938 shares of the company’s stock after purchasing an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned about 3.42% of ESS Tech worth $2,387,000 as of its most recent filing with the Securities and Exchange Commission. 46.77% of the stock is currently owned by institutional investors and hedge funds.

About ESS Tech

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.