ESS Tech (NYSE:GWH) Posts Earnings Results, Misses Estimates By $0.46 EPS

ESS Tech (NYSE:GWH) posted its quarterly earnings results on Monday. The company reported ($1.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.51) by ($0.46), Zacks reports. The company had revenue of $6.40 million during 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%.

ESS Tech Price Performance

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

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on GWH. Roth Capital cut ESS Tech from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Roth Mkm downgraded shares of ESS Tech from a “buy” rating to a “neutral” rating and cut their price target for the company from $17.00 to $3.00 in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus 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.