Wall Street Zen Upgrades ESS Tech (NYSE:GWH) to “Hold”

ESS Tech (NYSE:GWH) was upgraded by research analysts at Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Saturday.

Other equities research analysts have also recently issued reports about the company. Robert W. Baird dropped their price objective on ESS Tech from $6.00 to $2.00 and set a “neutral” rating for the company in a research note on Monday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ESS Tech in a research report on Monday. Finally, Roth Capital set a $3.50 price target on shares of ESS Tech and gave the stock a “buy” rating in a research note on Friday, October 10th. One analyst has rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, ESS Tech presently has a consensus rating of “Hold” and an average price target of $2.88.

ESS Tech Stock Performance

Shares of GWH stock opened at $2.17 on Friday. The firm has a market cap of $42.48 million, a P/E ratio of -0.42 and a beta of 1.43. The firm’s 50 day moving average price is $3.52 and its 200-day moving average price is $2.22. ESS Tech has a one year low of $0.76 and a one year high of $13.87.

ESS Tech (NYSE:GWH) last posted its earnings results on Thursday, November 13th. The company reported ($0.73) earnings per share for the quarter, beating the consensus estimate of ($0.76) by $0.03. ESS Tech had a negative net margin of 1,045.28% and a negative return on equity of 592.34%. The firm had revenue of $0.21 million during the quarter, compared to the consensus estimate of $5.65 million. As a group, research analysts predict that ESS Tech will post -6.87 EPS for the current fiscal year.

Institutional Trading of ESS Tech

A hedge fund recently bought a new stake in ESS Tech stock. Citadel Advisors LLC purchased a new position in ESS Tech, Inc. (NYSE:GWH) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 19,773 shares of the company’s stock, valued at approximately $30,000. Citadel Advisors LLC owned about 0.14% of ESS Tech as of its most recent SEC filing. 46.77% of the stock is currently owned by institutional investors.

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.