ESS Tech (NYSE:GWH) Cut to “Market Perform” at Oppenheimer

ESS Tech (NYSE:GWH) was downgraded by Oppenheimer from an “outperform” rating to a “market perform” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports.

A number of other analysts have also recently commented on GWH. Deutsche Bank Aktiengesellschaft dropped their price objective on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research report on Friday, August 16th. Canaccord Genuity Group dropped their price objective on 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, TD Cowen dropped their price objective on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, August 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $15.75.

ESS Tech Stock Down 1.9 %

NYSE:GWH opened at $8.93 on Thursday. The company has a market capitalization of $105.23 million, a PE ratio of -1.42 and a beta of 1.41. ESS Tech has a 52-week low of $5.20 and a 52-week high of $21.15. The stock has a fifty day simple moving average of $7.07 and a 200-day simple moving average of $9.62.

ESS Tech (NYSE:GWH) last posted its quarterly earnings data on Wednesday, August 14th. The company reported ($27.00) EPS for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). The company had revenue of $0.35 million for the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. As a group, equities analysts anticipate that ESS Tech will post -6.72 earnings per share for the current year.

Insider Buying and Selling at ESS Tech

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the completion of the sale, the director now owns 15,537 shares in the company, valued at $88,871.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is owned by company insiders.

Institutional Trading of ESS Tech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in shares of ESS Tech by 6.9% in 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. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ESS Tech in the 2nd quarter valued at about $148,000. AQR Capital Management LLC acquired a new position in shares of ESS Tech in the 2nd quarter valued at about $84,000. SG Americas Securities LLC acquired a new position in shares of ESS Tech in the 1st quarter valued at about $31,000. Finally, CWM LLC acquired a new position in shares of ESS Tech in the 2nd quarter valued at about $34,000. Hedge funds and other institutional investors own 46.77% of the company’s stock.

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.