Oppenheimer Downgrades ESS Tech (NYSE:GWH) to Market Perform

Oppenheimer lowered shares of ESS Tech (NYSE:GWH) from an outperform rating to a market perform rating in a report issued on Thursday, MarketBeat reports.

A number of other research firms have also weighed in on GWH. TD Cowen lowered 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 report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft lowered their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a report on Friday, August 16th. Finally, Canaccord Genuity Group cut their price target on ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ESS Tech presently has a consensus rating of “Hold” and a consensus target price of $14.58.

ESS Tech Stock Down 28.9 %

Shares of GWH opened at $5.21 on Thursday. ESS Tech has a 52-week low of $5.13 and a 52-week high of $20.10. The stock has a market cap of $61.43 million, a PE ratio of -0.80 and a beta of 1.41. The firm’s fifty day moving average is $7.14 and its two-hundred day moving average is $9.53.

Insider Activity at ESS Tech

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the sale, the director now owns 15,537 shares in the company, valued at $88,871.64. The trade was a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ESS Tech

Hedge funds have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC acquired a new position in ESS Tech in the second quarter valued at about $27,000. Paloma Partners Management Co acquired a new position in shares of ESS Tech in the 1st quarter worth approximately $27,000. SG Americas Securities LLC purchased a new position in shares of ESS Tech during the 1st quarter worth approximately $31,000. Point72 DIFC Ltd acquired a new stake in ESS Tech in the 2nd quarter valued at approximately $32,000. Finally, CWM LLC acquired a new stake in ESS Tech in the 2nd quarter valued at approximately $34,000. 46.77% of the stock is currently owned by hedge funds and other 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.