ESS Tech (NYSE:GWH) Stock Price Down 5.2% – Here’s Why

ESS Tech, Inc. (NYSE:GWH) was down 5.2% on Monday . The stock traded as low as $0.8355 and last traded at $0.8390. Approximately 296,892 shares changed hands during trading, a decline of 66% from the average session volume of 864,432 shares. The stock had previously closed at $0.8847.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the company. Roth Capital reaffirmed a “buy” rating and issued a $2.00 price objective on shares of ESS Tech in a research note on Monday, May 18th. Weiss Ratings reissued a “sell (e+)” rating on shares of ESS Tech in a research report on Monday, May 4th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $2.00.

ESS Tech Stock Down 5.2%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.07 and a current ratio of 1.08. The company’s fifty day moving average price is $0.88 and its 200-day moving average price is $1.23. The stock has a market cap of $24.66 million, a P/E ratio of -0.25 and a beta of 1.40.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.25). The company had revenue of $0.13 million for the quarter, compared to the consensus estimate of $0.40 million. Equities analysts forecast that ESS Tech, Inc. will post -1.68 EPS for the current year.

Insider Activity at ESS Tech

In other ESS Tech news, CEO Drew P. Buckley bought 25,000 shares of the business’s stock in a transaction dated Thursday, June 4th. The shares were purchased at an average price of $1.03 per share, with a total value of $25,750.00. Following the completion of the purchase, the chief executive officer owned 25,000 shares in the company, valued at $25,750. This represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website. Insiders sold a total of 8,890 shares of company stock worth $8,226 over the last quarter. Corporate insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

A number of large investors have recently bought and sold shares of the business. Alyeska Investment Group L.P. bought a new position in ESS Tech in the 4th quarter valued at $2,632,000. Arosa Capital Management LP lifted its position in shares of ESS Tech by 40.7% during the fourth quarter. Arosa Capital Management LP now owns 950,000 shares of the company’s stock worth $1,786,000 after purchasing an additional 274,583 shares during the last quarter. Geode Capital Management LLC lifted its position in shares of ESS Tech by 140.2% during the fourth quarter. Geode Capital Management LLC now owns 136,470 shares of the company’s stock worth $257,000 after purchasing an additional 79,657 shares during the last quarter. XTX Topco Ltd boosted its stake in shares of ESS Tech by 137.8% during the fourth quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock valued at $93,000 after purchasing an additional 28,749 shares during the period. Finally, State Street Corp boosted its stake in shares of ESS Tech by 188.1% during the fourth quarter. State Street Corp now owns 46,975 shares of the company’s stock valued at $88,000 after purchasing an additional 30,671 shares during the period. Hedge funds and other institutional investors own 46.77% of the company’s stock.

About ESS Tech

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.