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

ESS Tech (NYSE:GWH) posted its quarterly earnings data on Monday. The company reported ($1.97) EPS for the quarter, missing analysts’ consensus estimates of ($1.51) by ($0.46), Zacks reports. The company had revenue of $6.40 million for the quarter, compared to analyst estimates of $5.80 million. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 101.96%.

ESS Tech Trading Down 12.5 %

GWH stock opened at $2.85 on Wednesday. ESS Tech has a one year low of $2.55 and a one year high of $14.10. The firm has a 50-day moving average of $4.23 and a two-hundred day moving average of $5.65. The firm has a market capitalization of $33.88 million, a PE ratio of -0.44 and a beta of 1.37.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the stock. Roth Capital cut shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Roth Mkm downgraded shares of ESS Tech from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $17.00 to $3.00 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 issued a buy rating to the stock. According to MarketBeat.com, ESS Tech presently has a consensus rating of “Hold” and a consensus target price of $11.20.

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.