ESS Tech’s (GWH) Hold Rating Reiterated at Canaccord Genuity Group

Canaccord Genuity Group reissued their hold rating on shares of ESS Tech (NYSE:GWH) in a research report sent to investors on Thursday morning,Benzinga reports. The firm currently has a $8.00 target price on the stock.

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

ESS Tech Stock Down 28.9 %

ESS Tech stock opened at $5.21 on Thursday. ESS Tech has a 52-week low of $5.13 and a 52-week high of $20.10. The firm’s fifty day moving average is $7.14 and its 200 day moving average is $9.55.

ESS Tech (NYSE:GWH) last announced its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($24.75) by ($2.25). The business had revenue of $0.35 million for the quarter, compared to analysts’ expectations of $3.24 million. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 90.93%. Equities research analysts expect that ESS Tech will post -6.72 EPS for the current fiscal year.

Insider Buying and Selling at ESS Tech

In other news, Director Sandeep Nijhawan sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total transaction 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 trade represents a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Personalized Indexing Management LLC bought a new stake in ESS Tech during the 2nd quarter valued at $27,000. Paloma Partners Management Co bought a new stake in shares of ESS Tech in the first quarter valued at about $27,000. SG Americas Securities LLC purchased a new stake in ESS Tech in the first quarter worth about $31,000. Point72 DIFC Ltd bought a new position in ESS Tech during the 2nd quarter worth about $32,000. Finally, CWM LLC purchased a new position in ESS Tech during the 2nd quarter valued at about $34,000. Institutional investors own 46.77% of the company’s stock.

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.