ESS Tech (NYSE:GWH) Cut to “Market Perform” at Oppenheimer

Oppenheimer cut shares of ESS Tech (NYSE:GWH) from an outperform rating to a market perform rating in a report published on Thursday morning, MarketBeat.com reports.

A number of other equities research analysts have also issued reports on the stock. TD Cowen reduced their target price on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft decreased their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, Canaccord Genuity Group reduced their price objective on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, ESS Tech has a consensus rating of “Hold” and a consensus price target of $14.58.

ESS Tech Stock Performance

NYSE GWH traded down $2.03 during trading hours on Thursday, reaching $5.30. The stock had a trading volume of 295,128 shares, compared to its average volume of 69,187. The stock has a fifty day moving average of $7.15 and a 200 day moving average of $9.59. The stock has a market cap of $62.51 million, a P/E ratio of -0.92 and a beta of 1.41. ESS Tech has a 52-week low of $5.20 and a 52-week high of $20.10.

ESS Tech (NYSE:GWH) last announced its quarterly earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 90.93%. The company had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. On average, equities research analysts forecast that ESS Tech will post -6.72 EPS for the current year.

Insider Transactions at ESS Tech

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 15,537 shares in the company, valued at approximately $88,871.64. This represents a 31.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Point72 DIFC Ltd purchased a new position in shares of ESS Tech in the 2nd quarter worth $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of ESS Tech in the 2nd quarter valued at $148,000. AQR Capital Management LLC acquired a new position in shares of ESS Tech during the second quarter worth about $84,000. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of ESS Tech in the second quarter worth about $27,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech in the second quarter valued at about $34,000. Institutional investors and hedge funds 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.