Short Interest in ESS Tech, Inc. (NYSE:GWH) Decreases By 17.5%

ESS Tech, Inc. (NYSE:GWH) was the recipient of a significant decline in short interest in March. As of March 15th, there was short interest totalling 356,500 shares, a decline of 17.5% from the February 28th total of 432,300 shares. Currently, 7.1% of the shares of the stock are short sold. Based on an average trading volume of 79,400 shares, the days-to-cover ratio is currently 4.5 days.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Roth Mkm downgraded shares of ESS Tech from a “buy” rating to a “neutral” rating and decreased their target price for the company from $17.00 to $3.00 in a research report on Tuesday, March 4th. Roth Capital downgraded shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $11.20.

ESS Tech Trading Down 5.4 %

GWH traded down $0.14 during trading hours on Thursday, hitting $2.46. The company’s stock had a trading volume of 51,223 shares, compared to its average volume of 73,208. The stock has a market cap of $29.23 million, a price-to-earnings ratio of -0.38 and a beta of 1.37. The business’s 50-day moving average price is $4.17 and its 200-day moving average price is $5.63. ESS Tech has a 12 month low of $2.40 and a 12 month high of $14.10.

ESS Tech (NYSE:GWH) last announced its earnings results on Monday, March 31st. The company reported ($1.97) EPS for the quarter, missing analysts’ consensus estimates of ($1.51) by ($0.46). The firm 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%. On average, analysts forecast that ESS Tech will post -6.87 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in ESS Tech stock. Baird Financial Group Inc. raised its position in ESS Tech, Inc. (NYSE:GWH) by 78.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 405,938 shares of the company’s stock after acquiring an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 as of its most recent SEC filing. 46.77% of the stock is owned by institutional investors.

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.