ESS Tech (NYSE:GWH) Posts Earnings Results, Misses Expectations By $0.02 EPS

ESS Tech (NYSE:GWH) issued its quarterly earnings results on Tuesday. The company reported ($0.46) EPS for the quarter, missing the consensus estimate of ($0.44) by ($0.02), FiscalAI reports. The company had revenue of $0.07 million for the quarter, compared to the consensus estimate of $0.10 million.

ESS Tech Trading Up 8.3%

Shares of NYSE GWH traded up $0.05 during trading on Tuesday, reaching $0.63. The stock had a trading volume of 1,138,132 shares, compared to its average volume of 673,967. The business’s 50-day moving average price is $0.82 and its 200-day moving average price is $1.12. ESS Tech has a fifty-two week low of $0.57 and a fifty-two week high of $13.87. The company has a market cap of $18.52 million, a P/E ratio of -0.19 and a beta of 1.41. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.07 and a current ratio of 1.08.

Insider Activity at ESS Tech

In other ESS Tech news, CEO Drew P. Buckley purchased 25,000 shares of the firm’s stock in a transaction on Thursday, June 4th. The stock was bought at an average price of $1.03 per share, with a total value of $25,750.00. Following the transaction, the chief executive officer directly owned 25,000 shares of the company’s stock, valued at approximately $25,750. This represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 8,890 shares of company stock valued at $8,226 over the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Trading of ESS Tech

A number of hedge funds and other institutional investors have recently made changes to their positions in GWH. LPL Financial LLC acquired a new position in ESS Tech in the 4th quarter valued at about $27,000. Engineers Gate Manager LP purchased a new stake in ESS Tech in the 4th quarter valued at approximately $31,000. Citadel Advisors LLC acquired a new position in ESS Tech during the 3rd quarter worth approximately $30,000. State Street Corp lifted its holdings in ESS Tech by 188.1% in the fourth quarter. State Street Corp now owns 46,975 shares of the company’s stock valued at $88,000 after acquiring an additional 30,671 shares during the period. Finally, XTX Topco Ltd boosted its holdings in ESS Tech by 137.8% during the fourth quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock worth $93,000 after buying an additional 28,749 shares in the last quarter. Institutional investors and hedge funds own 46.77% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on GWH. Roth Capital reissued a “buy” rating and set a $2.00 price target on shares of ESS Tech in a research report on Monday, May 18th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of ESS Tech in a research note on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $2.00.

About ESS Tech

ESS Tech, Inc (NYSE: GWH) is a Portland, Oregon?based company specializing in long?duration iron flow battery energy storage solutions. The company’s core business centers on the design, manufacture and deployment of modular battery systems that store electricity using an iron?chloride electrochemical process. These systems are engineered to support grid operators, utilities, commercial and industrial customers in integrating renewable power, managing peak loads and ensuring reliable back?up power.

At the heart of ESS Tech’s offering is its “Energy Warehouse,” a containerized flow battery system featuring non?toxic, fully recyclable materials and a simple architecture that separates energy storage capacity from power output.