Short Interest in ESS Tech, Inc. (NYSE:GWH) Rises By 24.5%

ESS Tech, Inc. (NYSE:GWH) saw a large growth in short interest during the month of April. As of April 15th, there was short interest totaling 2,026,917 shares, a growth of 24.5% from the March 31st total of 1,627,846 shares. Currently, 7.6% of the company’s stock are sold short. Based on an average daily trading volume, of 348,526 shares, the short-interest ratio is presently 5.8 days.

Hedge Funds Weigh In On ESS Tech

Hedge funds and other institutional investors have recently modified their holdings of the company. LPL Financial LLC bought a new position in shares of ESS Tech during the 4th quarter valued at $27,000. Engineers Gate Manager LP bought a new position in shares of ESS Tech during the 4th quarter valued at $31,000. Citadel Advisors LLC bought a new position in shares of ESS Tech during the 3rd quarter valued at $30,000. State Street Corp lifted its holdings in shares of ESS Tech by 188.1% during the 4th quarter. State Street Corp now owns 46,975 shares of the company’s stock valued at $88,000 after buying an additional 30,671 shares during the period. Finally, Yorkville Advisors Global LP bought a new position in shares of ESS Tech during the 3rd quarter valued at $74,000. 46.77% of the stock is owned by institutional investors.

ESS Tech Stock Performance

Shares of NYSE GWH traded up $0.01 during midday trading on Friday, hitting $1.11. 436,937 shares of the stock traded hands, compared to its average volume of 432,406. The firm has a 50-day moving average of $1.25 and a two-hundred day moving average of $2.20. The firm has a market capitalization of $30.02 million, a P/E ratio of -0.26 and a beta of 1.43. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.03 and a current ratio of 1.04. ESS Tech has a one year low of $0.76 and a one year high of $13.87.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Thursday, March 5th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.44). The firm had revenue of ($1.59) million for the quarter, compared to the consensus estimate of ($1.60) million. ESS Tech had a negative net margin of 1,045.28% and a negative return on equity of 1,141.31%. On average, equities analysts forecast that ESS Tech will post -1 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently weighed in on GWH shares. Wall Street Zen downgraded ESS Tech from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. Roth Mkm lowered their price objective on ESS Tech from $3.50 to $2.50 and set a “buy” rating on the stock in a research report on Friday, March 6th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.25.

About ESS Tech

ESS Tech, Inc (NYSE: GWH) is a Portland, Oregon‐based company specializing in long‐duration iron flow battery energy storage solutions. The company’s core business centers on the design, manufacture and deployment of modular battery systems that store electricity using an iron‐chloride electrochemical process. These systems are engineered to support grid operators, utilities, commercial and industrial customers in integrating renewable power, managing peak loads and ensuring reliable back‐up power.

At the heart of ESS Tech’s offering is its “Energy Warehouse,” a containerized flow battery system featuring non‐toxic, fully recyclable materials and a simple architecture that separates energy storage capacity from power output.