ESS Tech, Inc. (NYSE:GWH) Receives Average Rating of “Reduce” from Analysts

Shares of ESS Tech, Inc. (NYSE:GWH) have received an average rating of “Reduce” from the nine analysts that are covering the stock, MarketBeat Ratings reports. Two investment analysts have rated the stock with a sell recommendation and seven have assigned a hold recommendation to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $8.92.

Several equities research analysts recently commented on the stock. Canaccord Genuity Group cut their price target on shares of ESS Tech from $8.00 to $3.00 and set a “hold” rating on the stock in a research note on Tuesday, April 1st. Roth Capital set a $2.50 target price on ESS Tech and gave the company a “neutral” rating in a research report on Friday, May 16th. Cowen downgraded ESS Tech from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. TD Cowen cut ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Finally, Roth Mkm lowered shares of ESS Tech from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $17.00 to $3.00 in a research report on Tuesday, March 4th.

ESS Tech Stock Performance

NYSE:GWH opened at $1.21 on Thursday. The stock has a 50-day simple moving average of $2.03 and a 200-day simple moving average of $3.83. The stock has a market cap of $14.65 million, a P/E ratio of -0.18 and a beta of 1.26. ESS Tech has a 1 year low of $0.76 and a 1 year high of $14.10.

ESS Tech (NYSE:GWH) last posted its earnings results on Thursday, May 15th. The company reported ($1.50) earnings per share for the quarter, topping the consensus estimate of ($1.66) by $0.16. The firm had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $3.45 million. ESS Tech had a negative return on equity of 101.96% and a negative net margin of 1,263.79%. On average, equities research analysts predict that ESS Tech will post -6.87 EPS for the current year.

Hedge Funds Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. lifted its position in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 405,938 shares of the company’s stock after buying an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 at the end of the most recent quarter. 46.77% of the stock is owned by hedge funds and other institutional investors.

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.