ESS Tech, Inc. (NYSE:GWH) Receives Average Recommendation of “Moderate Buy” from Analysts

Shares of ESS Tech, Inc. (NYSE:GWH) have earned a consensus rating of “Moderate Buy” from the seven research firms that are currently covering the stock, Marketbeat.com reports. Three analysts have rated the stock with a hold recommendation, three have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have covered the stock in the last year is $21.75.

Several equities research analysts recently commented on GWH shares. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Canaccord Genuity Group cut their price objective on ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research report on Friday, August 16th. Roth Mkm assumed coverage on ESS Tech in a research note on Friday, July 12th. They issued a “buy” rating and a $22.50 target price on the stock. Finally, TD Cowen dropped their price target on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, August 15th.

ESS Tech Trading Up 5.0 %

GWH stock opened at $7.83 on Monday. The firm has a 50 day moving average of $6.90 and a 200-day moving average of $9.79. The company has a market cap of $1.37 billion, a price-to-earnings ratio of -17.40 and a beta of 1.47. ESS Tech has a 12-month low of $5.20 and a 12-month high of $21.26.

ESS Tech (NYSE:GWH) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($24.75) by ($2.25). The firm had revenue of $0.35 million for the quarter, compared to analyst estimates of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. Sell-side analysts forecast that ESS Tech will post -6.72 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the stock in a transaction 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 transaction, the director now owns 15,537 shares of the company’s stock, valued at $88,871.64. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. 1.80% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ESS Tech

Several large investors have recently added to or reduced their stakes in GWH. Vanguard Group Inc. increased its stake in shares of ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after acquiring an additional 212,070 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in ESS Tech in the second quarter valued at approximately $148,000. SG Americas Securities LLC acquired a new position in ESS Tech during the first quarter worth approximately $31,000. CWM LLC purchased a new position in ESS Tech during the second quarter worth approximately $34,000. Finally, Point72 DIFC Ltd purchased a new stake in shares of ESS Tech during the 2nd quarter valued at $32,000. 46.77% of the stock is currently owned by hedge funds and other 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.