ESS Tech, Inc. (NYSE:GWH) Short Interest Update

ESS Tech, Inc. (NYSE:GWH) was the target of a significant increase in short interest in the month of September. As of September 30th, there was short interest totalling 448,600 shares, an increase of 30.1% from the September 15th total of 344,800 shares. Approximately 9.0% of the company’s shares are sold short. Based on an average daily volume of 73,900 shares, the short-interest ratio is presently 6.1 days.

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the transaction, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 1.80% of the stock is owned by insiders.

Hedge Funds Weigh In On ESS Tech

A number of institutional investors have recently bought and sold shares of the business. Green Alpha Advisors LLC increased its position in ESS Tech by 11.7% during the first quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock worth $159,000 after buying an additional 23,022 shares during the last quarter. Vanguard Personalized Indexing Management LLC acquired a new position in ESS Tech during the second quarter worth approximately $27,000. Paloma Partners Management Co acquired a new position in ESS Tech during the first quarter worth approximately $27,000. Point72 DIFC Ltd acquired a new position in ESS Tech during the second quarter worth approximately $32,000. Finally, CWM LLC acquired a new position in ESS Tech during the second quarter worth approximately $34,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

ESS Tech Stock Down 5.1 %

Shares of NYSE:GWH traded down $0.42 during midday trading on Tuesday, reaching $7.86. The company had a trading volume of 72,214 shares, compared to its average volume of 64,875. The business’s 50 day moving average price is $4.98 and its 200 day moving average price is $2.25. The stock has a market cap of $1.37 billion, a PE ratio of -17.47 and a beta of 1.47. ESS Tech has a 1-year low of $5.20 and a 1-year high of $29.18.

ESS Tech (NYSE:GWH) last released its earnings results on Wednesday, August 14th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.65) by ($0.15). The company had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. On average, research analysts expect that ESS Tech will post -6.72 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on GWH shares. Canaccord Genuity Group cut their price target on ESS Tech from $1.25 to $1.00 and set a “hold” rating on the stock in a report on Friday, August 16th. Roth Mkm started coverage on ESS Tech in a report on Friday, July 12th. They issued a “buy” rating and a $1.50 price target on the stock. Deutsche Bank Aktiengesellschaft cut their price target on ESS Tech from $1.15 to $0.90 and set a “hold” rating on the stock in a report on Friday, August 16th. TD Cowen cut their price target on ESS Tech from $2.00 to $1.50 and set a “buy” rating on the stock in a report on Thursday, August 15th. Finally, Roth Capital upgraded ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, ESS Tech presently has an average rating of “Moderate Buy” and a consensus price target of $1.45.

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.