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

Baird R W cut shares of ESS Tech (NYSE:GWH) from a strong-buy rating to a strong sell rating in a report released on Thursday morning,Zacks.com reports.

GWH has been the subject of several other reports. TD Cowen lowered their price target on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a report on Thursday, August 15th. Canaccord Genuity Group reissued a “hold” rating and set a $8.00 target price on shares of ESS Tech in a research report on Thursday. Robert W. Baird downgraded 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. Deutsche Bank Aktiengesellschaft cut their price target 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. Finally, Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, ESS Tech has an average rating of “Hold” and a consensus price target of $14.58.

ESS Tech Stock Down 28.9 %

Shares of GWH 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 company’s fifty day moving average is $7.14 and its two-hundred day moving average is $9.53. The firm has a market cap of $61.43 million, a PE ratio of -0.80 and a beta of 1.41.

Insider Activity

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of the business’s stock in a transaction dated 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 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.30% of the company’s stock.

Institutional Investors Weigh In On ESS Tech

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Personalized Indexing Management LLC bought a new stake in shares of ESS Tech during the 2nd quarter worth about $27,000. Paloma Partners Management Co acquired a new position in shares of ESS Tech during the first quarter valued at approximately $27,000. SG Americas Securities LLC bought a new stake in ESS Tech during the first quarter worth approximately $31,000. Point72 DIFC Ltd acquired a new stake in ESS Tech in the second quarter worth approximately $32,000. Finally, CWM LLC acquired a new stake in ESS Tech in the second quarter worth approximately $34,000. 46.77% of the stock is currently 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.