ESS Tech (NYSE:GWH) Receives New Coverage from Analysts at Roth Mkm

Roth Mkm started coverage on shares of ESS Tech (NYSE:GWH) in a research note issued to investors on Friday morning, Marketbeat reports. The firm issued a buy rating and a $1.50 target price on the stock.

A number of other equities analysts have also weighed in on the company. TD Cowen decreased their target price on ESS Tech from $2.50 to $2.00 and set a buy rating for the company in a research report on Wednesday, May 8th. Robert W. Baird decreased their target price on ESS Tech from $4.00 to $3.00 and set an outperform rating for the company in a research report on Thursday, March 14th. Chardan Capital decreased their target price on ESS Tech from $1.90 to $0.80 and set a neutral rating for the company in a research report on Friday, March 15th. Finally, Canaccord Genuity Group reduced their price target on shares of ESS Tech from $1.75 to $1.25 and set a hold rating for the company in a research report on Thursday, March 14th. Two investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, ESS Tech currently has an average rating of Moderate Buy and a consensus target price of $2.01.

ESS Tech Price Performance

Shares of ESS Tech stock opened at $0.91 on Friday. The stock has a market cap of $158.30 million, a price-to-earnings ratio of -2.01 and a beta of 1.52. The firm’s 50-day moving average is $0.78 and its 200 day moving average is $0.83. ESS Tech has a 1 year low of $0.61 and a 1 year high of $2.11.

ESS Tech (NYSE:GWH) last announced its quarterly earnings results on Tuesday, May 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.03. The company had revenue of $2.74 million for the quarter, compared to analysts’ expectations of $3.21 million. ESS Tech had a negative net margin of 746.89% and a negative return on equity of 73.08%. On average, equities analysts expect that ESS Tech will post -0.42 EPS for the current fiscal year.

Insider Activity

In related news, Director Harry Quarls acquired 42,690 shares of the business’s stock in a transaction that occurred on Thursday, May 9th. The stock was bought at an average cost of $0.84 per share, for a total transaction of $35,859.60. Following the purchase, the director now owns 366,146 shares in the company, valued at approximately $307,562.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 1.80% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in GWH. Vanguard Group Inc. grew its stake in shares of ESS Tech by 6.9% during the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after acquiring an additional 212,070 shares during the period. Green Alpha Advisors LLC grew its stake in shares of ESS Tech by 211.1% during the 4th quarter. Green Alpha Advisors LLC now owns 196,418 shares of the company’s stock valued at $224,000 after acquiring an additional 133,285 shares during the period. Cerity Partners LLC bought a new position in shares of ESS Tech during the 4th quarter valued at approximately $81,000. SG Americas Securities LLC bought a new position in shares of ESS Tech during the 1st quarter valued at approximately $31,000. Finally, CWM LLC bought a new position in shares of ESS Tech during the 2nd quarter valued at approximately $34,000. 46.77% of the stock is currently owned by institutional investors.

ESS Tech Company Profile

ESS Tech, Inc, an energy storage company, designs and produces iron flow batteries for commercial and utility-scale energy storage applications worldwide. It offers energy storage products, which include Energy Warehouse, a behind-the-meter solution; and Energy Center, a front-of-the-meter solution. The company was founded in 2011 and is headquartered in Wilsonville, Oregon.