ESS Tech (NYSE:GWH) Stock Rating Lowered by Oppenheimer

ESS Tech (NYSE:GWH) was downgraded by research analysts at Oppenheimer from an “outperform” rating to a “market perform” rating in a research report issued to clients and investors on Thursday, MarketBeat.com reports.

A number of other brokerages also recently weighed in on GWH. Deutsche Bank Aktiengesellschaft cut their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research note on Friday, August 16th. TD Cowen cut their price objective on shares of ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a report on Thursday, August 15th. Finally, Canaccord Genuity Group lowered their price target on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating on the stock in a report on Friday, August 16th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, ESS Tech currently has an average rating of “Hold” and a consensus target price of $14.58.

ESS Tech Stock Performance

GWH stock opened at $5.23 on Thursday. ESS Tech has a fifty-two week low of $5.13 and a fifty-two week high of $20.10. The stock’s 50 day simple moving average is $7.15 and its 200 day simple moving average is $9.59. The company has a market cap of $61.68 million, a P/E ratio of -0.92 and a beta of 1.41.

ESS Tech (NYSE:GWH) last posted its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share for the quarter, missing analysts’ consensus estimates of ($24.75) by ($2.25). The company had revenue of $0.35 million during the quarter, compared to the consensus estimate 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 analysts predict that ESS Tech will post -6.72 earnings per share for the current year.

Insider Transactions at ESS Tech

In related news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction on Wednesday, September 11th. The shares were 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 $88,871.64. The trade was a 31.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

Several hedge funds and other institutional investors have recently modified their holdings of GWH. Vanguard Group Inc. increased its stake in shares of ESS Tech by 6.9% during the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after purchasing an additional 212,070 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in ESS Tech during the second quarter valued at approximately $148,000. AQR Capital Management LLC bought a new position in ESS Tech in the 2nd quarter worth $84,000. SG Americas Securities LLC bought a new position in shares of ESS Tech in the first quarter worth about $31,000. Finally, CWM LLC purchased a new position in ESS Tech during the second quarter valued at approximately $34,000. 46.77% of the stock is owned by institutional investors.

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.