ESS Tech (NYSE:GWH) Cut to “Underperform” at Robert W. Baird

Robert W. Baird cut shares of ESS Tech (NYSE:GWH) from a neutral rating to an underperform rating in a research report report published on Thursday morning, MarketBeat reports. The firm currently has $9.00 price objective on the stock, down from their prior price objective of $14.00.

Other equities research analysts have also issued research reports about the company. Deutsche Bank Aktiengesellschaft lowered their price objective on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research note on Friday, August 16th. Oppenheimer downgraded shares of ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday. TD Cowen cut their price target on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a report on Thursday, August 15th. Finally, Canaccord Genuity Group decreased their price objective on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, ESS Tech has a consensus rating of “Hold” and a consensus target price of $14.58.

ESS Tech Stock Down 28.9 %

ESS Tech stock opened at $5.21 on Thursday. ESS Tech has a 12-month low of $5.13 and a 12-month high of $20.10. The firm’s fifty day moving average price is $7.14 and its 200 day moving average price is $9.55.

ESS Tech (NYSE:GWH) last announced its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). ESS Tech had a negative return on equity of 90.93% and a negative net margin of 1,263.79%. The business had revenue of $0.35 million for the quarter, compared to analysts’ expectations of $3.24 million. Equities analysts anticipate that ESS Tech will post -6.72 EPS for the current year.

Insider Activity at ESS Tech

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction 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 sale, the director now owns 15,537 shares in the company, 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 this link. Corporate insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Vanguard Personalized Indexing Management LLC bought a new stake in shares of ESS Tech during the 2nd quarter valued at about $27,000. Paloma Partners Management Co acquired a new position in ESS Tech in the first quarter valued at approximately $27,000. Point72 DIFC Ltd bought a new position in shares of ESS Tech during the second quarter valued at approximately $32,000. CWM LLC acquired a new stake in shares of ESS Tech during the 2nd quarter worth approximately $34,000. Finally, SG Americas Securities LLC bought a new stake in shares of ESS Tech in the 1st quarter worth approximately $31,000. 46.77% of the stock is currently owned by 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.