ESS Tech (NYSE:GWH) Raised to “Hold” at Wall Street Zen

ESS Tech (NYSE:GWH) was upgraded by equities researchers at Wall Street Zen from a “sell” rating to a “hold” rating in a research note issued to investors on Saturday.

Several other research analysts have also recently issued reports on GWH. Robert W. Baird cut their price objective on ESS Tech from $6.00 to $2.00 and set a “neutral” rating for the company in a research report on Monday, August 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ESS Tech in a research note on Monday, December 1st. Finally, Roth Capital set a $3.50 price target on shares of ESS Tech and gave the company a “buy” rating in a report on Friday, October 10th. One investment analyst has rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $2.88.

ESS Tech Stock Down 9.0%

Shares of NYSE:GWH opened at $2.17 on Friday. ESS Tech has a 52 week low of $0.76 and a 52 week high of $13.87. The company has a 50-day moving average price of $3.52 and a 200 day moving average price of $2.23. The company has a market cap of $42.48 million, a P/E ratio of -0.42 and a beta of 1.43.

ESS Tech (NYSE:GWH) last released its earnings results on Thursday, November 13th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.76) by $0.03. The company had revenue of $0.21 million for the quarter, compared to analysts’ expectations of $5.65 million. ESS Tech had a negative return on equity of 592.34% and a negative net margin of 1,045.28%. Analysts expect that ESS Tech will post -6.87 EPS for the current year.

Institutional Investors Weigh In On ESS Tech

A hedge fund recently bought a new stake in ESS Tech stock. Citadel Advisors LLC bought a new stake in shares of ESS Tech, Inc. (NYSE:GWH) in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 19,773 shares of the company’s stock, valued at approximately $30,000. Citadel Advisors LLC owned approximately 0.14% of ESS Tech at the end of the most recent quarter. Hedge funds and other institutional investors own 46.77% of the company’s stock.

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.