Short Interest in ESS Tech, Inc. (NYSE:GWH) Drops By 19.2%

ESS Tech, Inc. (NYSE:GWH) was the recipient of a significant decrease in short interest during the month of December. As of December 15th, there was short interest totaling 561,306 shares, a decrease of 19.2% from the November 30th total of 694,329 shares. Currently, 2.9% of the shares of the stock are sold short. Based on an average daily trading volume, of 436,647 shares, the days-to-cover ratio is presently 1.3 days. Based on an average daily trading volume, of 436,647 shares, the days-to-cover ratio is presently 1.3 days. Currently, 2.9% of the shares of the stock are sold short.

ESS Tech Price Performance

Shares of NYSE:GWH opened at $1.84 on Friday. The company has a 50 day moving average of $2.86 and a 200-day moving average of $2.29. ESS Tech has a one year low of $0.76 and a one year high of $13.87. The stock has a market cap of $36.10 million, a price-to-earnings ratio of -0.36 and a beta of 1.46.

ESS Tech (NYSE:GWH) last posted its quarterly earnings results on Thursday, November 13th. The company reported ($0.73) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. The company had revenue of $0.21 million for the quarter, compared to the consensus estimate of $5.65 million. ESS Tech had a negative return on equity of 592.34% and a negative net margin of 1,045.28%. Equities research analysts anticipate that ESS Tech will post -6.87 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Wall Street Zen downgraded ESS Tech from a “hold” rating to a “sell” rating in a report on Sunday, December 14th. Roth Capital set a $3.50 price target on ESS Tech and gave the company a “buy” rating in a report on Friday, October 10th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of ESS Tech in a research note on Monday. One analyst has rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $2.88.

Institutional Investors Weigh In On ESS Tech

An institutional investor recently bought a new position in ESS Tech stock. Citadel Advisors LLC bought a new position in shares of ESS Tech, Inc. (NYSE:GWH) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm bought 19,773 shares of the company’s stock, valued at approximately $30,000. Citadel Advisors LLC owned 0.14% of ESS Tech as of its most recent filing with the SEC. 46.77% of the stock is currently owned by hedge funds and other institutional investors.

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.