ESS Tech (NYSE:GWH) Downgraded to “Neutral” Rating by Roth Mkm

ESS Tech (NYSE:GWH) was downgraded by investment analysts at Roth Mkm from a “buy” rating to a “neutral” rating in a note issued to investors on Tuesday, MarketBeat.com reports. They currently have a $3.00 target price on the stock, down from their previous target price of $17.00. Roth Mkm’s price objective suggests a potential downside of 8.26% from the company’s current price.

GWH has been the subject of several other research reports. Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a research note on Thursday, November 14th. Robert W. Baird cut ESS Tech from a “neutral” rating to an “underperform” rating and lowered their price target for the company from $14.00 to $9.00 in a report on Thursday, November 14th. Baird R W cut shares of ESS Tech from a “strong-buy” rating to a “strong sell” rating in a research report on Thursday, November 14th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $8.00 target price on shares of ESS Tech in a research note on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $11.33.

ESS Tech Price Performance

NYSE GWH opened at $3.27 on Tuesday. The company’s 50 day simple moving average is $5.24 and its two-hundred day simple moving average is $6.19. ESS Tech has a 1 year low of $3.22 and a 1 year high of $14.10. The stock has a market capitalization of $38.86 million, a PE ratio of -0.50 and a beta of 1.31.

Hedge Funds Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. increased its stake in ESS Tech, Inc. (NYSE:GWH) by 78.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 405,938 shares of the company’s stock after acquiring an additional 178,532 shares during the period. Baird Financial Group Inc. owned about 3.42% of ESS Tech worth $2,387,000 as of its most recent SEC filing. 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.