ESS Tech (NYSE:GWH) Issues Earnings Results

ESS Tech (NYSE:GWH) posted its quarterly earnings results on Tuesday. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.02), FiscalAI reports. The business had revenue of $0.07 million during the quarter, compared to the consensus estimate of $0.10 million.

ESS Tech Trading Up 8.3%

ESS Tech stock traded up $0.05 during midday trading on Tuesday, reaching $0.63. The stock had a trading volume of 1,081,612 shares, compared to its average volume of 673,626. ESS Tech has a twelve month low of $0.57 and a twelve month high of $13.87. The stock has a market capitalization of $18.52 million, a PE ratio of -0.19 and a beta of 1.41. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.07 and a current ratio of 1.08. The stock’s 50-day simple moving average is $0.82 and its 200 day simple moving average is $1.12.

Insider Buying and Selling

In other news, CEO Drew P. Buckley purchased 25,000 shares of the company’s stock in a transaction on Thursday, June 4th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $25,750.00. Following the completion of the purchase, the chief executive officer directly owned 25,000 shares of the company’s stock, valued at $25,750. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 8,890 shares of company stock worth $8,226 in the last ninety days. Corporate insiders own 1.40% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Alyeska Investment Group L.P. acquired a new position in ESS Tech during the fourth quarter valued at approximately $2,632,000. Arosa Capital Management LP grew its stake in ESS Tech by 40.7% during the fourth quarter. Arosa Capital Management LP now owns 950,000 shares of the company’s stock worth $1,786,000 after buying an additional 274,583 shares during the period. Geode Capital Management LLC increased its position in shares of ESS Tech by 140.2% in the fourth quarter. Geode Capital Management LLC now owns 136,470 shares of the company’s stock worth $257,000 after acquiring an additional 79,657 shares in the last quarter. XTX Topco Ltd increased its position in shares of ESS Tech by 137.8% in the fourth quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock worth $93,000 after acquiring an additional 28,749 shares in the last quarter. Finally, State Street Corp increased its position in shares of ESS Tech by 188.1% in the fourth quarter. State Street Corp now owns 46,975 shares of the company’s stock worth $88,000 after acquiring an additional 30,671 shares in the last quarter. Hedge funds and other institutional investors own 46.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on GWH. Weiss Ratings reiterated a “sell (e+)” rating on shares of ESS Tech in a report on Friday, July 31st. Roth Capital reaffirmed a “buy” rating and set a $2.00 price target on shares of ESS Tech in a research report on Monday, May 18th. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, ESS Tech presently has a consensus rating of “Hold” and a consensus target price of $2.00.

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.