Short Interest in ESS Tech, Inc. (NYSE:GWH) Expands By 29.6%

ESS Tech, Inc. (NYSE:GWH) was the recipient of a significant growth in short interest in the month of March. As of March 13th, there was short interest totaling 1,445,166 shares, a growth of 29.6% from the February 26th total of 1,114,977 shares. Based on an average daily trading volume, of 1,058,793 shares, the short-interest ratio is presently 1.4 days. Approximately 5.4% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Roth Mkm dropped their price target on ESS Tech from $3.50 to $2.50 and set a “buy” rating for the company in a research note on Friday, March 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of ESS Tech in a research report on Monday, December 29th. Finally, Wall Street Zen lowered shares of ESS Tech from a “hold” rating to a “sell” rating in a report on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $2.50.

ESS Tech Stock Up 5.9%

ESS Tech stock traded up $0.07 during trading hours on Tuesday, hitting $1.18. 276,028 shares of the stock traded hands, compared to its average volume of 555,033. ESS Tech has a one year low of $0.76 and a one year high of $13.87. The firm’s 50-day moving average price is $1.47 and its two-hundred day moving average price is $2.30. 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 company has a market cap of $31.92 million, a PE ratio of -0.27 and a beta of 1.46.

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

Hedge Funds Weigh In On ESS Tech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC bought a new stake in shares of ESS Tech during the 4th quarter valued at $27,000. Citadel Advisors LLC bought a new position in shares of ESS Tech in the 3rd quarter worth about $30,000. Engineers Gate Manager LP bought a new position in shares of ESS Tech in the 4th quarter worth about $31,000. Yorkville Advisors Global LP purchased a new position in ESS Tech during the 3rd quarter valued at about $74,000. Finally, State Street Corp boosted its stake in 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 acquiring an additional 30,671 shares in the last quarter. Hedge funds and other institutional investors own 46.77% of the company’s stock.

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.