ESS Tech (NYSE:GWH) Rating Lowered to “Underperform” at Robert W. Baird

ESS Tech (NYSE:GWH) was downgraded by equities researchers at Robert W. Baird from a “neutral” rating to an “underperform” rating in a report released on Thursday, MarketBeat reports. They presently have a $9.00 price target on the stock, down from their prior price target of $14.00. Robert W. Baird’s price target would suggest a potential upside of 72.08% from the stock’s previous close.

GWH has been the topic of several other reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of ESS Tech from $17.25 to $13.50 and set a “hold” rating on the stock in a research report on Friday, August 16th. Canaccord Genuity Group cut their price objective on shares of ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research report on Friday, August 16th. TD Cowen lowered their price target 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, Oppenheimer cut shares of ESS Tech from an “outperform” rating to a “market perform” rating in a research note on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued 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 Stock Down 28.6 %

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

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

Insider Buying and Selling at ESS Tech

In related news, Director Sandeep Nijhawan sold 7,000 shares of the stock in a transaction dated Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total value of $40,040.00. Following the completion of the transaction, the director now directly owns 15,537 shares of the company’s stock, valued at $88,871.64. This represents a 31.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 2.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in GWH. Vanguard Group Inc. increased its stake in shares of ESS Tech by 6.9% in the 1st quarter. Vanguard Group Inc. now owns 3,263,849 shares of the company’s stock worth $2,361,000 after acquiring an additional 212,070 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in ESS Tech in the 2nd quarter valued at approximately $148,000. AQR Capital Management LLC purchased a new stake in shares of ESS Tech during the second quarter valued at $84,000. SG Americas Securities LLC purchased a new stake in shares of ESS Tech during the 1st quarter valued at about $31,000. Finally, CWM LLC bought a new stake in ESS Tech in the 2nd quarter worth approximately $34,000. Hedge funds and other institutional investors 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.