ESS Tech, Inc. (NYSE:GWH) Receives Consensus Recommendation of “Reduce” from Analysts

Shares of ESS Tech, Inc. (NYSE:GWH) have been assigned an average rating of “Reduce” from the eight brokerages that are currently covering the stock, Marketbeat Ratings reports. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $11.20.

Several research analysts have recently issued reports on the company. Roth Mkm cut ESS Tech from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $17.00 to $3.00 in a research report on Tuesday, March 4th. Roth Capital lowered shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th.

Hedge Funds Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. increased its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 405,938 shares of the company’s stock after purchasing an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 as of its most recent filing with the Securities and Exchange Commission. 46.77% of the stock is currently owned by institutional investors.

ESS Tech Stock Performance

Shares of ESS Tech stock opened at $3.37 on Friday. The business’s 50 day moving average price is $4.33 and its 200 day moving average price is $5.68. ESS Tech has a one year low of $2.92 and a one year high of $14.10. The company has a market cap of $39.99 million, a price-to-earnings ratio of -0.51 and a beta of 1.37.

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.