ESS Tech (NYSE:GWH) Trading Up 5%

ESS Tech, Inc. (NYSE:GWH)’s share price rose 5% on Monday . The company traded as high as $5.75 and last traded at $5.69. Approximately 10,134 shares were traded during trading, a decline of 84% from the average daily volume of 65,024 shares. The stock had previously closed at $5.42.

Analysts Set New Price Targets

A number of research analysts recently issued reports on GWH shares. TD Cowen reduced their price objective on ESS Tech from $0.13 to $0.10 and set a “buy” rating for the company in a research report on Thursday, August 15th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of ESS Tech from $0.08 to $0.06 and set a “hold” rating for the company in a report on Friday, August 16th. Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Roth Mkm started coverage on shares of ESS Tech in a research report on Friday, July 12th. They issued a “buy” rating and a $0.10 price objective on the stock. Finally, Canaccord Genuity Group decreased their target price on shares of ESS Tech from $0.08 to $0.07 and set a “hold” rating for the company in a research report on Friday, August 16th. Three 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. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $0.12.

ESS Tech Price Performance

The firm’s fifty day moving average is $1.80 and its two-hundred day moving average is $0.67. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -12.78 and a beta of 1.48.

ESS Tech (NYSE:GWH) last issued its quarterly earnings results on Wednesday, August 14th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.01). ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. The company had revenue of $0.35 million during the quarter, compared to analyst estimates of $3.24 million. On average, equities analysts forecast that ESS Tech, Inc. will post -6.74 earnings per share for the current fiscal year.

Hedge Funds Weigh In On ESS Tech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Green Alpha Advisors LLC lifted its holdings in shares of 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 during the period. SG Americas Securities LLC acquired a new stake in ESS Tech in the 1st quarter valued at about $31,000. Vanguard Group Inc. boosted its position in shares of ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after purchasing an additional 212,070 shares in the last quarter. Paloma Partners Management Co bought a new position in shares of ESS Tech during the 1st quarter valued at about $27,000. Finally, CWM LLC acquired a new position in shares of ESS Tech in the 2nd quarter worth approximately $34,000. 46.77% of the stock is owned by institutional investors.

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.