ESS Tech (NYSE:GWH) Price Target Cut to $1.00 by Analysts at Canaccord Genuity Group

ESS Tech (NYSE:GWH) had its price target decreased by Canaccord Genuity Group from $1.25 to $1.00 in a report published on Friday, Benzinga reports. Canaccord Genuity Group currently has a hold rating on the stock.

Several other brokerages have also commented on GWH. Roth Mkm initiated coverage on shares of ESS Tech in a research note on Friday, July 12th. They issued a buy rating and a $1.50 price target on the stock. Roth Capital upgraded shares of ESS Tech to a strong-buy rating in a research note on Friday, July 12th. Finally, TD Cowen decreased their price objective on shares of ESS Tech from $2.00 to $1.50 and set a buy rating for the company in a report on Thursday. Three research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and a consensus price target of $1.74.

ESS Tech Stock Performance

Shares of NYSE:GWH traded down $0.02 during trading hours on Friday, hitting $0.56. The stock had a trading volume of 686,494 shares, compared to its average volume of 581,752. The stock’s fifty day simple moving average is $0.76 and its 200 day simple moving average is $0.78. ESS Tech has a 1-year low of $0.56 and a 1-year high of $2.11. The firm has a market capitalization of $98.22 million, a price-to-earnings ratio of -1.25 and a beta of 1.52.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC bought a new stake in ESS Tech during the second quarter worth approximately $27,000. Paloma Partners Management Co bought a new stake in ESS Tech during the first quarter worth approximately $27,000. Point72 DIFC Ltd bought a new stake in ESS Tech during the second quarter worth approximately $32,000. CWM LLC bought a new stake in ESS Tech during the second quarter worth approximately $34,000. Finally, SG Americas Securities LLC bought a new stake in ESS Tech during the first quarter worth approximately $31,000. 46.77% of the stock is currently owned by institutional investors.

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.