ESS Tech (NYSE:GWH) Issues Earnings Results

ESS Tech (NYSE:GWH) released its earnings results on Monday. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($1.51) by ($0.46), Zacks reports. The business had revenue of $6.40 million for the quarter, compared to the consensus estimate of $5.80 million. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 101.96%.

ESS Tech Price Performance

NYSE GWH opened at $3.22 on Tuesday. ESS Tech has a 12 month low of $2.92 and a 12 month high of $14.10. The company has a market capitalization of $38.20 million, a P/E ratio of -0.49 and a beta of 1.37. The company’s 50 day simple moving average is $4.28 and its 200 day simple moving average is $5.67.

Analyst Ratings Changes

Several brokerages have recently issued reports on GWH. Roth Capital downgraded ESS Tech from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Roth Mkm cut ESS Tech from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $17.00 to $3.00 in a research note on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $11.20.

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.