ESS Tech (NYSE:GWH) Cut to Sell at Wall Street Zen

Wall Street Zen cut shares of ESS Tech (NYSE:GWH) from a hold rating to a sell rating in a research report released on Saturday morning.

A number of other research analysts also recently issued reports on the company. Robert W. Baird reduced their price target on ESS Tech from $6.00 to $2.00 and set a “neutral” rating on the stock in a report on Monday, August 18th. Weiss Ratings restated a “sell (e+)” rating on shares of ESS Tech in a report on Wednesday, October 8th. Finally, Roth Capital set a $3.50 price target on ESS Tech and gave the company a “buy” rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, ESS Tech currently has an average rating of “Reduce” and an average target price of $2.88.

ESS Tech Trading Down 9.5%

GWH opened at $4.78 on Friday. The company has a market cap of $69.61 million, a P/E ratio of -0.76 and a beta of 1.23. The business’s 50-day moving average price is $2.19 and its 200-day moving average price is $1.94. ESS Tech has a 12 month low of $0.76 and a 12 month high of $13.87.

ESS Tech (NYSE:GWH) last announced its quarterly earnings results on Thursday, August 14th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). ESS Tech had a negative net margin of 1,217.22% and a negative return on equity of 321.20%. The business had revenue of $2.36 million for the quarter, compared to analysts’ expectations of $0.60 million. Equities research analysts forecast that ESS Tech will post -6.87 earnings per share for the current fiscal year.

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.