ESS Tech (NYSE:GWH) Given Hold Rating at Canaccord Genuity Group

ESS Tech (NYSE:GWH)‘s stock had its “hold” rating reissued by stock analysts at Canaccord Genuity Group in a research note issued on Thursday,Benzinga reports. They presently have a $8.00 price target on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 11.73% from the stock’s current price.

Several other brokerages have also issued reports on GWH. Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a research note on Thursday. Robert W. Baird cut shares of ESS Tech from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $14.00 to $9.00 in a research note on Thursday. Deutsche Bank Aktiengesellschaft decreased their target price on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Finally, TD Cowen cut their price target on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, August 15th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $14.58.

ESS Tech Stock Down 19.6 %

Shares of NYSE GWH traded down $1.74 during mid-day trading on Thursday, reaching $7.16. 110,797 shares of the company were exchanged, compared to its average volume of 67,558. ESS Tech has a 52 week low of $5.20 and a 52 week high of $21.15. The company’s 50 day moving average price is $7.12 and its 200 day moving average price is $9.61. The stock has a market capitalization of $84.42 million, a PE ratio of -1.14 and a beta of 1.41.

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

Insider Buying and Selling

In related news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total value of $40,040.00. Following the transaction, the director now directly owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On ESS Tech

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC purchased a new stake in ESS Tech during the first quarter valued at approximately $31,000. Vanguard Group Inc. raised its holdings in ESS Tech by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after purchasing an additional 212,070 shares during the period. Paloma Partners Management Co bought a new position in ESS Tech in the 1st quarter worth $27,000. CWM LLC bought a new stake in ESS Tech during the second quarter valued at about $34,000. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in ESS Tech in the second quarter worth about $27,000. 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.