ESS Tech (NYSE:GWH) Cut to Strong Sell at Baird R W

ESS Tech (NYSE:GWH) was downgraded by stock analysts at Baird R W from a “strong-buy” rating to a “strong sell” rating in a report issued on Thursday,Zacks.com reports.

A number of other analysts also recently weighed in on GWH. Oppenheimer downgraded shares of ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday. Robert W. Baird downgraded shares of ESS Tech from a “neutral” rating to an “underperform” rating and reduced their price objective for the stock from $14.00 to $9.00 in a report on Thursday. Canaccord Genuity Group reaffirmed a “hold” rating and set a $8.00 price objective on shares of ESS Tech in a report on Thursday. TD Cowen reduced 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, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a report on Friday, August 16th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $14.58.

ESS Tech Trading Down 18.3 %

NYSE GWH opened at $7.27 on Thursday. The company has a fifty day simple moving average of $7.12 and a 200 day simple moving average of $9.61. The company has a market cap of $85.71 million, a P/E ratio of -1.11 and a beta of 1.41. ESS Tech has a 1 year low of $5.20 and a 1 year high of $21.15.

ESS Tech (NYSE:GWH) last issued its quarterly 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). ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 90.93%. The company had revenue of $0.35 million during the quarter, compared to the consensus estimate of $3.24 million. Equities research analysts forecast that ESS Tech will post -6.72 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech 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 completion of the sale, the director now owns 15,537 shares in the company, valued at $88,871.64. The trade was a 31.06 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On ESS Tech

Several institutional investors have recently modified their holdings of the business. SG Americas Securities LLC bought a new position in ESS Tech during the 1st quarter worth approximately $31,000. Vanguard Group Inc. lifted its stake in ESS Tech by 6.9% in the first quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock valued at $2,361,000 after buying an additional 212,070 shares in the last quarter. Paloma Partners Management Co acquired a new stake in shares of ESS Tech in the first quarter valued at approximately $27,000. CWM LLC acquired a new stake in shares of ESS Tech in the second quarter valued at approximately $34,000. Finally, Vanguard Personalized Indexing Management LLC acquired a new stake in shares of ESS Tech in the second quarter valued at approximately $27,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

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.