Brokerages Set ESS Tech, Inc. (NYSE:GWH) Target Price at $11.20

Shares of ESS Tech, Inc. (NYSE:GWH) have been given a consensus recommendation of “Reduce” by the eight research firms that are covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell rating and six have assigned a hold rating to the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $10.20.

GWH has been the topic of several recent analyst reports. Roth Mkm downgraded shares of ESS Tech from a “buy” rating to a “neutral” rating and cut their price objective for the company from $17.00 to $3.00 in a report on Tuesday, March 4th. Canaccord Genuity Group cut their target price on ESS Tech from $8.00 to $3.00 and set a “hold” rating on the stock in a research report on Tuesday. TD Cowen downgraded ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. Finally, Roth Capital cut ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th.

ESS Tech Trading Down 1.8 %

NYSE GWH opened at $2.40 on Friday. The firm’s fifty day simple moving average is $4.05 and its two-hundred day simple moving average is $5.58. The firm has a market capitalization of $28.46 million, a P/E ratio of -0.37 and a beta of 1.37. ESS Tech has a 12-month low of $2.10 and a 12-month high of $14.10.

ESS Tech (NYSE:GWH) last announced its earnings results on Monday, March 31st. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($1.51) by ($0.46). ESS Tech had a negative return on equity of 101.96% and a negative net margin of 1,263.79%. The business had revenue of $6.40 million for the quarter, compared to analysts’ expectations of $5.80 million. As a group, sell-side analysts predict that ESS Tech will post -6.87 earnings per share for the current fiscal year.

Institutional Investors Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. lifted its stake in ESS Tech, Inc. (NYSE:GWH) by 78.5% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 405,938 shares of the company’s stock after buying an additional 178,532 shares during the quarter. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 as of its most recent SEC filing. 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.