Paloma Partners Management Co Buys Shares of 37,571 ESS Tech, Inc. (NYSE:GWH)

Paloma Partners Management Co bought a new stake in shares of ESS Tech, Inc. (NYSE:GWH) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 37,571 shares of the company’s stock, valued at approximately $27,000.

Several other institutional investors also recently bought and sold shares of GWH. SG Americas Securities LLC bought a new position in ESS Tech during the first quarter valued at about $31,000. Cerity Partners LLC bought a new position in ESS Tech during the fourth quarter valued at about $81,000. Green Alpha Advisors LLC raised its holdings in ESS Tech by 11.7% during the first quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock valued at $159,000 after buying an additional 23,022 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after buying an additional 212,070 shares in the last quarter. 46.77% of the stock is currently owned by institutional investors.

ESS Tech Trading Down 3.9 %

GWH traded down $0.03 on Monday, hitting $0.74. 658,996 shares of the stock traded hands, compared to its average volume of 898,362. ESS Tech, Inc. has a 52 week low of $0.61 and a 52 week high of $2.11. The firm has a market capitalization of $129.46 million, a PE ratio of -1.64 and a beta of 1.52. The business has a fifty day moving average price of $0.78 and a two-hundred day moving average price of $0.81.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.03. ESS Tech had a negative return on equity of 73.08% and a negative net margin of 746.89%. The firm had revenue of $2.74 million for the quarter, compared to analyst estimates of $3.21 million. On average, equities research analysts forecast that ESS Tech, Inc. will post -0.42 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GWH has been the topic of a number of recent analyst reports. Roth Capital upgraded ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. TD Cowen dropped their price objective on ESS Tech from $2.50 to $2.00 and set a “buy” rating on the stock in a research note on Wednesday, May 8th. Finally, Roth Mkm initiated coverage on ESS Tech in a research note on Friday, July 12th. They issued a “buy” rating and a $1.50 price objective on the stock. Two research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $2.01.

Insider Activity at ESS Tech

In other news, Director Harry Quarls purchased 42,690 shares of the stock in a transaction that occurred on Thursday, May 9th. The shares were purchased at an average cost of $0.84 per share, for a total transaction of $35,859.60. Following the completion of the purchase, the director now directly owns 366,146 shares of the company’s stock, valued at approximately $307,562.64. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.80% of the company’s stock.

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.