Short Interest in ESS Tech, Inc. (NYSE:GWH) Increases By 8.3%

ESS Tech, Inc. (NYSE:GWH) was the target of a significant increase in short interest in the month of October. As of October 15th, there was short interest totalling 485,700 shares, an increase of 8.3% from the September 30th total of 448,600 shares. Based on an average daily volume of 76,900 shares, the short-interest ratio is presently 6.3 days. Approximately 9.7% of the company’s shares are sold short.

Insider Buying and Selling

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the transaction, the director now owns 15,537 shares in the company, valued at approximately $88,871.64. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is owned by insiders.

Institutional Trading of ESS Tech

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Personalized Indexing Management LLC bought a new position in ESS Tech during the second quarter worth about $27,000. Paloma Partners Management Co acquired a new stake in ESS Tech during the first quarter worth approximately $27,000. Point72 DIFC Ltd bought a new stake in shares of ESS Tech during the 2nd quarter valued at $32,000. CWM LLC bought a new position in shares of ESS Tech in the second quarter worth $34,000. Finally, SG Americas Securities LLC acquired a new position in ESS Tech in the first quarter valued at about $31,000. 46.77% of the stock is currently owned by institutional investors.

ESS Tech Trading Down 3.0 %

GWH opened at $7.50 on Friday. The stock’s fifty day simple moving average is $6.86 and its 200 day simple moving average is $9.72. ESS Tech has a 1-year low of $5.20 and a 1-year high of $21.15. The stock has a market cap of $88.43 million, a PE ratio of -1.19 and a beta of 1.47.

ESS Tech (NYSE:GWH) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing the consensus estimate of ($24.75) by ($2.25). ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. The company had revenue of $0.35 million during the quarter, compared to the consensus estimate of $3.24 million. Equities analysts forecast that ESS Tech will post -6.72 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms have weighed in on GWH. Roth Capital upgraded shares of ESS Tech to a “strong-buy” rating in a report on Friday, July 12th. Deutsche Bank Aktiengesellschaft lowered their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a report on Friday, August 16th. Canaccord Genuity Group reduced their price objective on ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research report on Friday, August 16th. TD Cowen cut their target price on ESS Tech from $30.00 to $22.50 and set a “buy” rating on the stock in a research note on Thursday, August 15th. Finally, Roth Mkm began coverage on shares of ESS Tech in a report on Friday, July 12th. They issued a “buy” rating and a $22.50 price objective on the stock. Three equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ESS Tech has an average rating of “Moderate Buy” and an average price target of $21.75.

About ESS Tech

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.