ESS Tech’s (GWH) Hold Rating Reaffirmed at Canaccord Genuity Group

Canaccord Genuity Group reaffirmed their hold rating on shares of ESS Tech (NYSE:GWH) in a research note released on Thursday morning,Benzinga reports. They currently have a $8.00 target price on the stock.

A number of other analysts have also recently commented on the stock. Deutsche Bank Aktiengesellschaft cut their price target on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Robert W. Baird cut shares of ESS Tech from a “neutral” rating to an “underperform” rating and dropped their price target for the company from $14.00 to $9.00 in a research report on Thursday. Oppenheimer cut shares of ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, 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. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $14.58.

ESS Tech Price Performance

NYSE GWH traded down $1.64 during trading on Thursday, reaching $5.69. 266,076 shares of the company’s stock were exchanged, compared to its average volume of 69,056. The business has a 50 day moving average price of $7.15 and a 200-day moving average price of $9.59. The stock has a market capitalization of $67.11 million, a P/E ratio of -0.92 and a beta of 1.41. ESS Tech has a fifty-two week low of $5.20 and a fifty-two week high of $20.10.

ESS Tech (NYSE:GWH) last announced its quarterly earnings data on Wednesday, August 14th. The company reported ($27.00) EPS for the quarter, missing the consensus estimate of ($24.75) by ($2.25). The firm had revenue of $0.35 million for the quarter, compared to analyst estimates of $3.24 million. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 90.93%. On average, 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 the business’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total transaction of $40,040.00. Following the completion of the transaction, the director now directly owns 15,537 shares of the company’s stock, valued at $88,871.64. The trade was a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Personalized Indexing Management LLC purchased a new position in shares of ESS Tech during the second quarter valued at approximately $27,000. Paloma Partners Management Co purchased a new stake in ESS Tech during the first quarter valued at approximately $27,000. Point72 DIFC Ltd purchased a new stake in ESS Tech during the second quarter valued at approximately $32,000. CWM LLC purchased a new stake in ESS Tech during the second quarter valued at approximately $34,000. Finally, SG Americas Securities LLC purchased a new stake in ESS Tech during the first quarter valued at approximately $31,000. 46.77% of the stock is 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.