ESS Tech (NYSE:GWH) Downgraded by Wall Street Zen to Sell

ESS Tech (NYSE:GWH) was downgraded by stock analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Sunday.

Several other research firms also recently issued reports on GWH. Weiss Ratings restated a “sell (d-)” rating on shares of ESS Tech in a research note on Monday, December 8th. Roth Capital set a $3.50 target price on ESS Tech and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Robert W. Baird dropped their price target on ESS Tech from $6.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 18th. One research analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $2.88.

ESS Tech Stock Down 8.5%

Shares of ESS Tech stock opened at $2.10 on Friday. ESS Tech has a 52 week low of $0.76 and a 52 week high of $13.87. The firm’s 50 day moving average is $3.58 and its two-hundred day moving average is $2.23. The firm has a market capitalization of $41.10 million, a P/E ratio of -0.41 and a beta of 1.43.

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

Hedge Funds Weigh In On ESS Tech

An institutional investor recently bought a new position in ESS Tech stock. Citadel Advisors LLC acquired a new position in shares of ESS Tech, Inc. (NYSE:GWH) in the third quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 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 filing with the SEC. Institutional investors 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.