ESS Tech (NYSE:GWH) Sets New 52-Week High at $8.00

ESS Tech, Inc. (NYSE:GWH)’s stock price reached a new 52-week high on Monday . The stock traded as high as $8.00 and last traded at $7.72, with a volume of 40463 shares changing hands. The stock had previously closed at $0.55.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GWH. Roth Mkm began coverage on ESS Tech in a research report on Friday, July 12th. They issued a “buy” rating and a $1.50 price target for the company. Canaccord Genuity Group dropped their price target on shares of ESS Tech from $1.25 to $1.00 and set a “hold” rating for the company in a research note on Friday, August 16th. TD Cowen reduced their price objective on shares of ESS Tech from $2.00 to $1.50 and set a “buy” rating on the stock in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft cut their target price on ESS Tech from $1.15 to $0.90 and set a “hold” rating on the stock in a research note on Friday, August 16th. Finally, Roth Capital raised ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $1.74.

ESS Tech Price Performance

The stock has a market cap of $1.26 billion, a PE ratio of -16.07 and a beta of 1.52. The business has a fifty day moving average of $1.02 and a 200-day moving average of $0.86.

Institutional Investors Weigh In On ESS Tech

Several hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC purchased a new stake in ESS Tech in the second quarter worth about $84,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of ESS Tech in the 2nd quarter valued at about $148,000. Point72 DIFC Ltd purchased a new stake in shares of ESS Tech in the 2nd quarter worth approximately $32,000. Vanguard Personalized Indexing Management LLC bought a new position in shares of ESS Tech during the second quarter valued at approximately $27,000. Finally, CWM LLC purchased a new position in ESS Tech during the second quarter valued at approximately $34,000. 46.77% of the stock is currently owned by hedge funds and other institutional investors.

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.