ESS Tech’s (GWH) “Hold” Rating Reiterated at Canaccord Genuity Group

ESS Tech (NYSE:GWH)‘s stock had its “hold” rating reaffirmed by equities research analysts at Canaccord Genuity Group in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $8.00 price target on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 11.73% from the stock’s previous close.

Several other research firms also recently weighed in on GWH. TD Cowen decreased their target price on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday. Finally, Robert W. Baird downgraded ESS Tech from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $14.00 to $9.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, ESS Tech presently has a consensus rating of “Hold” and an average target price of $14.58.

ESS Tech Trading Down 19.6 %

Shares of NYSE:GWH traded down $1.74 during mid-day trading on Thursday, reaching $7.16. The stock had a trading volume of 110,797 shares, compared to its average volume of 67,558. The company has a market cap of $84.42 million, a P/E ratio of -1.14 and a beta of 1.41. ESS Tech has a 1 year low of $5.20 and a 1 year high of $21.15. The business’s 50 day moving average price is $7.12 and its 200 day moving average price is $9.61.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Wednesday, August 14th. The company reported ($27.00) EPS for the quarter, missing the consensus estimate of ($24.75) by ($2.25). ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. The company had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. Analysts predict that ESS Tech will post -6.72 earnings per share for the current fiscal year.

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total transaction of $40,040.00. Following the sale, the director now owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is owned by company insiders.

Institutional Trading of ESS Tech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Personalized Indexing Management LLC acquired a new position in ESS Tech during the second quarter valued at $27,000. Paloma Partners Management Co acquired a new position in shares of ESS Tech in the 1st quarter valued at $27,000. Point72 DIFC Ltd acquired a new position in shares of ESS Tech in the 2nd quarter valued at $32,000. CWM LLC purchased a new stake in ESS Tech during the second quarter worth $34,000. Finally, SG Americas Securities LLC acquired a new stake in ESS Tech during the first quarter valued at $31,000. Institutional investors and hedge funds own 46.77% 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.