Sandeep Nijhawan Sells 7,000 Shares of ESS Tech, Inc. (NYSE:GWH) Stock

ESS Tech, Inc. (NYSE:GWH) Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the completion of the sale, the director now directly owns 15,537 shares of the company’s stock, valued at $88,871.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

ESS Tech Price Performance

NYSE GWH traded up $0.37 during trading on Tuesday, reaching $6.18. 94,457 shares of the company’s stock were exchanged, compared to its average volume of 65,544. The business has a 50 day moving average price of $2.04 and a 200-day moving average price of $0.75. ESS Tech, Inc. has a fifty-two week low of $5.20 and a fifty-two week high of $31.65. The stock has a market capitalization of $1.08 billion, a P/E ratio of -13.73 and a beta of 1.48.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). The business had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. On average, analysts forecast that ESS Tech, Inc. will post -6.74 earnings per share for the current year.

Hedge Funds Weigh In On ESS Tech

Several hedge funds have recently bought and sold shares of the company. Green Alpha Advisors LLC grew its position in ESS Tech by 11.7% during the 1st quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock worth $159,000 after acquiring an additional 23,022 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in ESS Tech in the second quarter valued at $27,000. Paloma Partners Management Co acquired a new stake in ESS Tech during the first quarter worth approximately $27,000. Point72 DIFC Ltd acquired a new position in shares of ESS Tech during the 2nd quarter valued at $32,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech in the 2nd quarter valued at about $34,000. 46.77% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on GWH. Deutsche Bank Aktiengesellschaft dropped their price target on ESS Tech from $0.08 to $0.06 and set a “hold” rating on the stock in a research report on Friday, August 16th. Canaccord Genuity Group reduced their target price on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating on the stock in a research note on Friday, August 16th. Roth Capital upgraded ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. TD Cowen reduced their price objective on ESS Tech from $0.13 to $0.10 and set a “buy” rating on the stock in a report on Thursday, August 15th. Finally, Roth Mkm started coverage on shares of ESS Tech in a research note on Friday, July 12th. They set a “buy” rating and a $0.10 price target for the company. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $0.12.

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.