ESS Tech (NYSE:GWH) Releases Earnings Results, Misses Estimates By $0.46 EPS

ESS Tech (NYSE:GWH) issued its quarterly earnings data on Monday. The company reported ($1.97) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.51) by ($0.46), Zacks reports. The company had revenue of $6.40 million for the quarter, compared to analyst estimates of $5.80 million. ESS Tech had a negative return on equity of 101.96% and a negative net margin of 1,263.79%.

ESS Tech Stock Down 4.0 %

Shares of NYSE:GWH opened at $3.22 on Tuesday. The company has a market cap of $38.20 million, a P/E ratio of -0.49 and a beta of 1.37. The business has a fifty day simple moving average of $4.28 and a 200-day simple moving average of $5.67. ESS Tech has a 52 week low of $2.92 and a 52 week high of $14.10.

Analyst Ratings Changes

A number of research firms have recently weighed in on GWH. Roth Mkm cut ESS Tech from a “buy” rating to a “neutral” rating and cut their price target for the stock from $17.00 to $3.00 in a report on Tuesday, March 4th. Roth Capital cut ESS Tech from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a 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 $11.20.

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.