ESS Tech (NYSE:GWH) Downgraded by Oppenheimer to “Market Perform”

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

Several other analysts have also recently issued reports on the company. Canaccord Genuity Group reduced their price objective on ESS Tech from $18.75 to $15.00 and set a “hold” rating on the stock in a research note on Friday, August 16th. Deutsche Bank Aktiengesellschaft cut their price target 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, TD Cowen decreased their price objective on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research note on Thursday, August 15th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, ESS Tech currently has an average rating of “Hold” and a consensus price target of $14.58.

ESS Tech Stock Down 28.9 %

ESS Tech stock 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 firm has a market cap of $61.43 million, a PE ratio of -0.80 and a beta of 1.41. The company’s 50 day moving average is $7.14 and its two-hundred day moving average is $9.53.

Insiders Place Their Bets

In other news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the sale, the director now owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. This trade represents a 31.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On ESS Tech

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

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.