ESS Tech (NYSE:GWH) PT Lowered to $1.25

ESS Tech (NYSE:GWH) had its target price cut by investment analysts at Canaccord Genuity Group from $1.75 to $1.25 in a research note issued to investors on Thursday, Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price target points to a potential upside of 89.39% from the stock’s current price.

GWH has been the subject of a number of other reports. Chardan Capital cut their target price on ESS Tech from $1.90 to $0.80 and set a “neutral” rating for the company in a research note on Friday. Robert W. Baird cut their target price on ESS Tech from $4.00 to $3.00 and set an “outperform” rating for the company in a research note on Thursday.

ESS Tech Stock Performance

ESS Tech stock traded down $0.04 during mid-day trading on Thursday, reaching $0.66. 1,425,292 shares of the company were exchanged, compared to its average volume of 892,858. ESS Tech has a twelve month low of $0.66 and a twelve month high of $2.12. The firm’s 50-day simple moving average is $0.93 and its two-hundred day simple moving average is $1.22. The firm has a market cap of $114.19 million, a PE ratio of -1.35 and a beta of 1.64.

Hedge Funds Weigh In On ESS Tech

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in ESS Tech by 21.7% in the 2nd quarter. BlackRock Inc. now owns 5,781,508 shares of the company’s stock valued at $8,499,000 after purchasing an additional 1,030,579 shares in the last quarter. Invesco Ltd. increased its stake in ESS Tech by 81.2% in the 3rd quarter. Invesco Ltd. now owns 5,009,904 shares of the company’s stock valued at $9,419,000 after purchasing an additional 2,245,124 shares in the last quarter. Vanguard Group Inc. increased its position in ESS Tech by 7.1% during the third quarter. Vanguard Group Inc. now owns 3,291,917 shares of the company’s stock worth $13,464,000 after buying an additional 218,883 shares in the last quarter. Legal & General Group Plc increased its position in ESS Tech by 55.3% during the fourth quarter. Legal & General Group Plc now owns 3,183,765 shares of the company’s stock worth $7,736,000 after buying an additional 1,133,486 shares in the last quarter. Finally, State Street Corp increased its position in ESS Tech by 10.1% during the second quarter. State Street Corp now owns 1,943,703 shares of the company’s stock worth $2,857,000 after buying an additional 178,318 shares in the last quarter. 44.21% of the stock is 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.