ESS Tech (NYSE:GWH) Downgraded to Hold Rating by Roth Capital

Roth Capital cut shares of ESS Tech (NYSE:GWH) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also recently issued reports on GWH. Roth Mkm cut ESS Tech from a “buy” rating to a “neutral” rating and dropped their price target for the company from $17.00 to $3.00 in a report on Tuesday. Oppenheimer cut ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday, November 14th. Robert W. Baird cut ESS Tech from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $14.00 to $9.00 in a report on Thursday, November 14th. Baird R W cut ESS Tech from a “strong-buy” rating to a “strong sell” rating in a report on Thursday, November 14th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $8.00 price target on shares of ESS Tech in a report on Thursday, November 14th. Two analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, ESS Tech currently has a consensus rating of “Hold” and a consensus target price of $11.33.

ESS Tech Price Performance

Shares of NYSE:GWH opened at $3.44 on Tuesday. ESS Tech has a 12 month low of $2.92 and a 12 month high of $14.10. The stock has a market cap of $40.85 million, a price-to-earnings ratio of -0.53 and a beta of 1.31. The stock’s 50 day moving average price is $5.21 and its 200 day moving average price is $6.15.

Hedge Funds Weigh In On ESS Tech

An institutional investor recently raised its position in ESS Tech stock. Baird Financial Group Inc. increased its holdings in ESS Tech, Inc. (NYSE:GWH) by 78.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 405,938 shares of the company’s stock after purchasing an additional 178,532 shares during the period. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 at the end of the most recent reporting period. Institutional investors and hedge funds 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.