ESS Tech (NYSE:GWH) Downgraded to “Underperform” Rating by Robert W. Baird

Robert W. Baird lowered shares of ESS Tech (NYSE:GWH) from a neutral rating to an underperform rating in a report issued on Thursday morning, MarketBeat reports. They currently have $9.00 price target on the stock, down from their previous price target of $14.00.

Several other brokerages have also recently commented on GWH. Oppenheimer cut ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday. TD Cowen dropped 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. Canaccord Genuity Group reduced their price objective on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research report on Friday, August 16th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $14.58.

ESS Tech Price Performance

NYSE:GWH opened at $5.21 on Thursday. The business has a fifty day moving average of $7.14 and a 200-day moving average of $9.55. ESS Tech has a 1 year low of $5.13 and a 1 year high of $20.10.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). The company had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. ESS Tech had a negative return on equity of 90.93% and a negative net margin of 1,263.79%. Analysts forecast that ESS Tech will post -6.72 earnings per share for the current year.

Insider Buying and Selling at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total value of $40,040.00. Following the transaction, the director now directly owns 15,537 shares of the company’s stock, valued at $88,871.64. This trade represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

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

About ESS Tech

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.