ESS Tech (NYSE:GWH) Stock Price Down 5.2% – Here’s Why

Shares of ESS Tech, Inc. (NYSE:GWH) were down 5.2% during mid-day trading on Monday . The stock traded as low as $0.8355 and last traded at $0.8390. Approximately 296,892 shares were traded during trading, a decline of 66% from the average daily volume of 864,432 shares. The stock had previously closed at $0.8847.

Analyst Upgrades and Downgrades

GWH has been the topic of several research reports. Roth Capital reaffirmed a “buy” rating and issued a $2.00 price objective on shares of ESS Tech in a research report on Monday, May 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ESS Tech in a report on Monday, May 4th. 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. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $2.00.

ESS Tech Stock Up 5.9%

The firm’s 50-day simple moving average is $0.89 and its 200 day simple moving average is $1.23. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.07 and a current ratio of 1.08. The stock has a market capitalization of $26.21 million, a P/E ratio of -0.26 and a beta of 1.40.

ESS Tech (NYSE:GWH) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.54) earnings per share for the quarter, missing the consensus estimate of ($0.29) by ($0.25). The firm had revenue of $0.13 million during the quarter, compared to the consensus estimate of $0.40 million. As a group, research analysts expect that ESS Tech, Inc. will post -1.68 EPS for the current year.

Insider Buying and Selling

In other news, CEO Drew P. Buckley acquired 25,000 shares of the firm’s stock in a transaction dated 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 in the company, valued at approximately $25,750. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold a total of 8,890 shares of company stock valued at $8,226 in the last ninety days. Company insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On ESS Tech

Hedge funds have recently bought and sold shares of the company. LPL Financial LLC acquired a new stake in ESS Tech during the fourth quarter worth approximately $27,000. Citadel Advisors LLC bought a new stake in shares of ESS Tech during the third quarter worth approximately $30,000. Engineers Gate Manager LP acquired a new position in shares of ESS Tech in the fourth quarter valued at approximately $31,000. State Street Corp grew its position in shares of 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 purchasing an additional 30,671 shares during the last quarter. Finally, XTX Topco Ltd increased its stake in shares of 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 purchasing an additional 28,749 shares during the period. 46.77% of the stock is currently owned by institutional investors and hedge funds.

ESS Tech Company Profile

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.