Brokerages Set ESS Tech, Inc. (NYSE:GWH) Target Price at $11.20

ESS Tech, Inc. (NYSE:GWH) has received a consensus rating of “Reduce” from the eight brokerages that are presently covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation and six have given a hold recommendation to the company. The average 1 year price target among analysts that have covered the stock in the last year is $10.20.

GWH has been the subject of a number of research analyst reports. TD Cowen lowered shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a report on Wednesday. Roth Mkm downgraded shares of ESS Tech from a “buy” rating to a “neutral” rating and decreased their price target for the company from $17.00 to $3.00 in a research note on Tuesday, March 4th. Roth Capital cut ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Finally, Canaccord Genuity Group reduced their price objective on ESS Tech from $8.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday.

Institutional Inflows and Outflows

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. boosted its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,938 shares of the company’s stock after purchasing an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned about 3.42% of ESS Tech worth $2,387,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 46.77% of the stock is currently owned by institutional investors and hedge funds.

ESS Tech Stock Performance

GWH opened at $2.40 on Friday. ESS Tech has a one year low of $2.10 and a one year high of $14.10. The stock has a market cap of $28.46 million, a price-to-earnings ratio of -0.37 and a beta of 1.37. The stock’s 50 day moving average price is $4.05 and its 200-day moving average price is $5.58.

ESS Tech (NYSE:GWH) last released its earnings results on Monday, March 31st. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($1.51) by ($0.46). 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 return on equity of 101.96% and a negative net margin of 1,263.79%. As a group, analysts predict that ESS Tech will post -6.87 earnings per share 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.