Paloma Partners Management Co Acquires New Position in ESS Tech, Inc. (NYSE:GWH)

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

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Green Alpha Advisors LLC raised its position in shares of ESS Tech by 11.7% in the 1st quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock valued at $159,000 after purchasing an additional 23,022 shares during the last quarter. SG Americas Securities LLC purchased a new position in shares of ESS Tech in the 1st quarter valued at approximately $31,000. Cerity Partners LLC purchased a new position in shares of ESS Tech in the 4th quarter valued at approximately $81,000. Finally, Vanguard Group Inc. raised its position in ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after buying an additional 212,070 shares during the last quarter. 46.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have issued reports on GWH. TD Cowen reduced their price target on shares of ESS Tech from $2.50 to $2.00 and set a “buy” rating for the company in a research report on Wednesday, May 8th. Roth Mkm began coverage on shares of ESS Tech in a research report on Friday, July 12th. They set a “buy” rating and a $1.50 price target for the company. Finally, Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a research report on Friday, July 12th. Two research 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 stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $2.01.

Insider Activity at ESS Tech

In related news, Director Harry Quarls acquired 42,690 shares of ESS Tech 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 acquisition, the director now owns 366,146 shares in the company, valued at $307,562.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 1.80% of the stock is owned by insiders.

ESS Tech Stock Down 3.9 %

Shares of NYSE:GWH traded down $0.03 during trading 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 company has a fifty day moving average price of $0.78 and a two-hundred day moving average price of $0.81. The company has a market cap of $129.46 million, a price-to-earnings ratio of -1.64 and a beta of 1.52.

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

ESS Tech Company Profile

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.