ESS Tech, Inc. (NYSE:GWH) Sees Significant Increase in Short Interest

ESS Tech, Inc. (NYSE:GWH) was the target of a significant growth in short interest in January. As of January 15th, there was short interest totalling 384,100 shares, a growth of 8.3% from the December 31st total of 354,700 shares. Based on an average daily trading volume, of 95,400 shares, the days-to-cover ratio is presently 4.0 days. Currently, 7.6% of the company’s stock are sold short.

Institutional Inflows and Outflows

A hedge fund recently bought a new stake in ESS Tech stock. AQR Capital Management LLC purchased a new position in shares of ESS Tech, Inc. (NYSE:GWH) in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 102,262 shares of the company’s stock, valued at approximately $84,000. AQR Capital Management LLC owned about 0.06% of ESS Tech at the end of the most recent quarter. 46.77% of the stock is owned by institutional investors.

ESS Tech Price Performance

NYSE GWH opened at $5.41 on Tuesday. The stock’s 50-day moving average is $5.58 and its 200-day moving average is $7.11. ESS Tech has a one year low of $4.35 and a one year high of $15.90. The firm has a market cap of $64.29 million, a P/E ratio of -0.83 and a beta of 1.31.

Wall Street Analyst Weigh In

A number of equities analysts have commented on GWH shares. Oppenheimer downgraded shares of ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday, November 14th. Baird R W downgraded ESS Tech from a “strong-buy” rating to a “strong sell” rating in a report on Thursday, November 14th. Robert W. Baird cut ESS Tech from a “neutral” rating to an “underperform” rating and lowered their target price for the company from $14.00 to $9.00 in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group reissued a “hold” rating and issued a $8.00 price target on shares of ESS Tech in a research note on Thursday, November 14th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $14.58.

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.