Insider Buying: ESS Tech, Inc. (NYSE:GWH) Director Acquires 42,690 Shares of Stock

ESS Tech, Inc. (NYSE:GWH) Director Harry Quarls bought 42,690 shares of the stock in a transaction on Thursday, May 9th. The shares were bought at an average price of $0.84 per share, with a total value of $35,859.60. Following the acquisition, the director now owns 366,146 shares of the company’s stock, valued at $307,562.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.

ESS Tech Stock Down 6.7 %

Shares of ESS Tech stock traded down $0.06 during midday trading on Friday, hitting $0.79. The company’s stock had a trading volume of 301,005 shares, compared to its average volume of 870,200. The firm has a market capitalization of $138.14 million, a P/E ratio of -1.70 and a beta of 1.51. The stock has a 50-day simple moving average of $0.75 and a 200-day simple moving average of $0.98. ESS Tech, Inc. has a 1-year low of $0.61 and a 1-year high of $2.12.

ESS Tech (NYSE:GWH) last posted its quarterly earnings data on Wednesday, March 13th. The company reported ($0.09) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.04. ESS Tech had a negative return on equity of 71.44% and a negative net margin of 1,028.89%. The business had revenue of $2.80 million for the quarter, compared to analyst estimates of $4.08 million. As a group, sell-side analysts predict that ESS Tech, Inc. will post -0.41 earnings per share for the current year.

Institutional Trading of ESS Tech

Large investors have recently made changes to their positions in the company. Bank of New York Mellon Corp lifted its stake in ESS Tech by 3.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 295,776 shares of the company’s stock valued at $556,000 after purchasing an additional 10,169 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in ESS Tech by 9.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 132,302 shares of the company’s stock valued at $249,000 after buying an additional 11,616 shares in the last quarter. Green Alpha Advisors LLC boosted its position in ESS Tech by 11.7% in the first quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock valued at $159,000 after buying an additional 23,022 shares in the last quarter. Pathstone Family Office LLC acquired a new position in shares of ESS Tech during the third quarter worth $75,000. Finally, SG Americas Securities LLC acquired a new position in shares of ESS Tech during the first quarter worth $31,000. Institutional investors own 46.77% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Robert W. Baird decreased their price target on shares of ESS Tech from $4.00 to $3.00 and set an “outperform” rating on the stock in a research note on Thursday, March 14th. TD Cowen decreased their price objective on shares of ESS Tech from $2.50 to $2.00 and set a “buy” rating for the company in a research report on Wednesday. Chardan Capital reduced their target price on shares of ESS Tech from $1.90 to $0.80 and set a “neutral” rating for the company in a report on Friday, March 15th. Finally, Canaccord Genuity Group lowered their target price on shares of ESS Tech from $1.75 to $1.25 and set a “hold” rating on the stock in a research report on Thursday, March 14th.

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.