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

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

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

ESS Tech Price Performance

ESS Tech stock opened at $5.21 on Thursday. ESS Tech has a fifty-two week low of $5.13 and a fifty-two week high of $20.10. The firm’s 50 day simple moving average is $7.14 and its 200-day simple moving average is $9.53. The company has a market cap of $61.43 million, a P/E ratio of -0.80 and a beta of 1.41.

Insider Buying and Selling

In related news, Director Sandeep Nijhawan sold 7,000 shares of the business’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 completion of the sale, the director now owns 15,537 shares of the company’s stock, valued at approximately $88,871.64. The trade was a 31.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is owned by corporate insiders.

Institutional Trading of ESS Tech

A number of institutional investors have recently added to or reduced their stakes in GWH. Point72 DIFC Ltd bought a new position in shares of ESS Tech during the 2nd quarter valued at $32,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in ESS Tech in the second quarter worth $148,000. AQR Capital Management LLC acquired a new position in ESS Tech during the second quarter worth $84,000. Vanguard Personalized Indexing Management LLC bought a new position in ESS Tech during the second quarter valued at about $27,000. Finally, CWM LLC acquired a new stake in shares of ESS Tech in the second quarter worth about $34,000. 46.77% of the stock is currently owned by institutional investors and hedge funds.

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.