ESS Tech (NYSE:GWH) Stock Price Up 6.9% – Here’s Why

ESS Tech, Inc. (NYSE:GWH)’s share price rose 6.9% during mid-day trading on Monday . The stock traded as high as $8.52 and last traded at $8.39. Approximately 66,747 shares traded hands during trading, an increase of 3% from the average daily volume of 64,780 shares. The stock had previously closed at $7.85.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on GWH shares. Roth Mkm initiated coverage on shares of ESS Tech in a research report on Friday, July 12th. They issued a “buy” rating and a $1.50 price objective for the company. Deutsche Bank Aktiengesellschaft cut their price target on ESS Tech from $1.15 to $0.90 and set a “hold” rating for the company in a report on Friday, August 16th. Roth Capital upgraded ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Canaccord Genuity Group dropped their target price on ESS Tech from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Friday, August 16th. Finally, TD Cowen decreased their price target on ESS Tech from $2.00 to $1.50 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Three analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $1.45.

ESS Tech Stock Performance

The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -17.78 and a beta of 1.47. The business has a fifty day moving average price of $4.98 and a 200 day moving average price of $2.25.

ESS Tech (NYSE:GWH) last released its quarterly earnings data on Wednesday, August 14th. The company reported ($1.80) EPS for the quarter, missing analysts’ consensus estimates of ($1.65) by ($0.15). The firm had revenue of $0.35 million during the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. On average, analysts expect that ESS Tech, Inc. will post -6.72 earnings per share for the current year.

Insider Activity at ESS Tech

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 completion of the sale, the director now directly owns 15,537 shares in the company, valued at $88,871.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.80% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GWH. Vanguard Group Inc. raised its holdings in shares of ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after buying an additional 212,070 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of ESS Tech during the second quarter valued at approximately $148,000. SG Americas Securities LLC purchased a new stake in shares of ESS Tech during the first quarter valued at approximately $31,000. CWM LLC acquired a new position in shares of ESS Tech during the second quarter worth $34,000. Finally, Point72 DIFC Ltd acquired a new stake in ESS Tech during the 2nd quarter valued at $32,000. 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.