ESS Tech, Inc. (NYSE:GWH) Receives Average Recommendation of “Hold” from Analysts

Shares of ESS Tech, Inc. (NYSE:GWH) have earned an average recommendation of “Hold” from the five analysts that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $2.50.

A number of brokerages have recently issued reports on GWH. Weiss Ratings reiterated a “sell (d-)” rating on shares of ESS Tech in a report on Monday, December 29th. Roth Mkm cut their price target on shares of ESS Tech from $3.50 to $2.50 and set a “buy” rating on the stock in a report on Friday, March 6th. Finally, Wall Street Zen cut shares of ESS Tech from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd.

Hedge Funds Weigh In On ESS Tech

Several hedge funds and other institutional investors have recently made changes to their positions in GWH. LPL Financial LLC purchased a new stake in ESS Tech during the 4th quarter worth $27,000. Citadel Advisors LLC purchased a new position in ESS Tech in the third quarter valued at about $30,000. Engineers Gate Manager LP purchased a new position in ESS Tech in the fourth quarter valued at about $31,000. Yorkville Advisors Global LP acquired a new position in shares of ESS Tech during the third quarter worth about $74,000. Finally, State Street Corp lifted its stake in shares of ESS Tech by 188.1% during the fourth quarter. State Street Corp now owns 46,975 shares of the company’s stock worth $88,000 after purchasing an additional 30,671 shares in the last quarter. Institutional investors and hedge funds own 46.77% of the company’s stock.

ESS Tech Trading Down 4.4%

Shares of GWH opened at $1.21 on Friday. ESS Tech has a twelve month low of $0.76 and a twelve month high of $13.87. The firm has a market capitalization of $32.74 million, a P/E ratio of -0.28 and a beta of 1.46. The company has a current ratio of 1.04, a quick ratio of 1.03 and a debt-to-equity ratio of 1.08. The stock’s fifty day simple moving average is $1.55 and its 200 day simple moving average is $2.30.

ESS Tech (NYSE:GWH) last posted its quarterly earnings results on Thursday, March 5th. The company reported ($1.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.44). The firm had revenue of ($1.59) million for the quarter, compared to analysts’ expectations 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 research analysts forecast that ESS Tech will post -6.87 earnings per share for the current year.

ESS Tech Company Profile

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.