ESS Tech, Inc. (NYSE:GWH) Short Interest Update

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

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on GWH. Wall Street Zen downgraded ESS Tech from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. Roth Mkm dropped their price target on ESS Tech from $3.50 to $2.50 and set a “buy” rating on the stock in a research note on Friday, March 6th. One investment analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, ESS Tech currently has a consensus rating of “Hold” and a consensus price target of $2.25.

ESS Tech Stock Performance

NYSE:GWH traded up $0.01 during mid-day trading on Friday, reaching $1.11. 436,937 shares of the stock were exchanged, compared to its average volume of 432,406. The company has a 50 day simple moving average of $1.25 and a 200-day simple moving average of $2.20. The stock 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 quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. ESS Tech has a 1 year low of $0.76 and a 1 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 (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 return on equity of 1,141.31% and a negative net margin of 1,045.28%. Analysts anticipate that ESS Tech will post -1 earnings per share for the current fiscal year.

Institutional Trading of ESS Tech

A number of hedge funds have recently added to or reduced their stakes in GWH. Citadel Advisors LLC acquired a new stake in ESS Tech during the 3rd quarter worth approximately $30,000. Yorkville Advisors Global LP acquired a new stake in ESS Tech during the 3rd quarter worth approximately $74,000. Green Alpha Advisors LLC lifted its position in ESS Tech by 1,016.7% during the 4th quarter. Green Alpha Advisors LLC now owns 118,683 shares of the company’s stock worth $223,000 after acquiring an additional 108,055 shares during the period. Geode Capital Management LLC lifted its position in ESS Tech by 140.2% during the 4th 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 during the period. Finally, LPL Financial LLC acquired a new stake in ESS Tech during the 4th quarter worth approximately $27,000. 46.77% of the stock is owned by institutional investors and hedge funds.

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.