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

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

Other equities research analysts also recently issued reports about the company. Roth Mkm set a $3.50 price target on ESS Tech and gave the stock a “buy” rating in a report on Friday, October 10th. Weiss Ratings reiterated a “sell (d-)” rating on shares of ESS Tech in a research report on Monday, December 29th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $2.83.

ESS Tech Stock Down 6.5%

Shares of NYSE:GWH opened at $1.79 on Friday. The firm has a market cap of $35.02 million, a P/E ratio of -0.35 and a beta of 1.46. ESS Tech has a 12 month low of $0.76 and a 12 month high of $13.87. The company’s 50-day moving average price is $2.10 and its two-hundred day moving average price is $2.36.

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

Hedge Funds Weigh In On ESS Tech

A number of hedge funds have recently added to or reduced their stakes in GWH. Citadel Advisors LLC acquired a new stake in ESS Tech during the 3rd quarter worth about $30,000. Yorkville Advisors Global LP bought a new stake in ESS Tech in the third quarter worth approximately $74,000. Finally, Green Alpha Advisors LLC increased its holdings in ESS Tech by 1,016.7% in the fourth quarter. Green Alpha Advisors LLC now owns 118,683 shares of the company’s stock worth $223,000 after purchasing an additional 108,055 shares in the last quarter. Institutional investors own 46.77% of the company’s stock.

ESS Tech Company Profile

ESS Tech, Inc (NYSE: GWH) is a Portland, Oregon‐based company specializing in long‐duration iron flow battery energy storage solutions. The company’s core business centers on the design, manufacture and deployment of modular battery systems that store electricity using an iron‐chloride electrochemical process. These systems are engineered to support grid operators, utilities, commercial and industrial customers in integrating renewable power, managing peak loads and ensuring reliable back‐up power.

At the heart of ESS Tech’s offering is its “Energy Warehouse,” a containerized flow battery system featuring non‐toxic, fully recyclable materials and a simple architecture that separates energy storage capacity from power output.