ESS Tech (NYSE:GWH) Trading Down 5.1% – Time to Sell?

ESS Tech, Inc. (NYSE:GWH)’s stock price fell 5.1% during trading on Friday . The stock traded as low as $5.40 and last traded at $5.44. 96,675 shares traded hands during trading, an increase of 36% from the average session volume of 71,158 shares. The stock had previously closed at $5.73.

Wall Street Analyst Weigh In

GWH has been the subject of a number of research reports. Baird R W cut shares of ESS Tech from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, November 14th. Canaccord Genuity Group reissued a “hold” rating and issued a $8.00 target price on shares of ESS Tech in a report on Thursday, November 14th. Oppenheimer downgraded ESS Tech from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 14th. TD Cowen reduced their price objective on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research note on Thursday, August 15th. Finally, Deutsche Bank Aktiengesellschaft lowered their target price 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. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $14.58.

ESS Tech Trading Down 5.1 %

The company has a 50 day simple moving average of $7.08 and a 200 day simple moving average of $8.89. The stock has a market capitalization of $64.63 million, a PE ratio of -0.83 and a beta of 1.33.

Insider Transactions at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s stock in a transaction on Wednesday, September 11th. The shares were 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 approximately $88,871.64. This trade represents a 31.06 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GWH. Vanguard Group Inc. grew its holdings in ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after acquiring an additional 212,070 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of ESS Tech during the 2nd quarter worth $148,000. AQR Capital Management LLC purchased a new position in shares of ESS Tech in the 2nd quarter valued at about $84,000. CWM LLC acquired a new stake in shares of ESS Tech in the second quarter valued at about $34,000. Finally, Point72 DIFC Ltd purchased a new stake in ESS Tech during the second quarter worth about $32,000. 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.