ESS Tech’s (GWH) “Hold” Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reissued their hold rating on shares of ESS Tech (NYSE:GWH) in a research note released on Thursday,Benzinga reports. The brokerage currently has a $8.00 price target on the stock.

Other analysts also recently issued research reports about the stock. Oppenheimer downgraded shares of ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday. Robert W. Baird cut shares of ESS Tech from a “neutral” rating to an “underperform” rating and decreased their price target for the company from $14.00 to $9.00 in a research report on Thursday. TD Cowen cut their price target on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong 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 $14.58.

ESS Tech Stock Down 22.4 %

Shares of GWH stock traded down $1.64 during mid-day trading on Thursday, hitting $5.69. 266,076 shares of the stock were exchanged, compared to its average volume of 69,056. The company has a market cap of $67.11 million, a PE ratio of -0.92 and a beta of 1.41. ESS Tech has a 52-week low of $5.20 and a 52-week high of $20.10. The firm has a fifty day moving average of $7.15 and a 200 day moving average of $9.59.

ESS Tech (NYSE:GWH) last posted its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing the consensus estimate of ($24.75) by ($2.25). ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 90.93%. The company had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. Equities analysts predict that ESS Tech will post -6.72 EPS for the current year.

Insider Buying and Selling at ESS Tech

In related news, Director Sandeep Nijhawan sold 7,000 shares of the firm’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 approximately $88,871.64. This trade represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On ESS Tech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in ESS Tech by 6.9% during the first 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 in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of ESS Tech in the second quarter valued at approximately $148,000. SG Americas Securities LLC acquired a new stake in ESS Tech in the first quarter worth about $31,000. CWM LLC acquired a new position in ESS Tech in the second quarter valued at approximately $34,000. Finally, Point72 DIFC Ltd bought a new position in shares of ESS Tech in the 2nd quarter worth $32,000. Institutional investors own 46.77% of the company’s stock.

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.