ESS Tech (NYSE:GWH) Issues Quarterly Earnings Results

ESS Tech (NYSE:GWH) posted its earnings results on Tuesday. The company reported ($0.46) earnings per share for the quarter, missing the consensus estimate of ($0.44) by ($0.02), FiscalAI reports. The business had revenue of $0.07 million for the quarter, compared to analysts’ expectations of $0.10 million.

ESS Tech Price Performance

Shares of GWH traded up $0.05 during trading hours on Tuesday, reaching $0.63. 1,081,612 shares of the company traded hands, compared to its average volume of 673,626. The stock has a market capitalization of $18.52 million, a PE ratio of -0.19 and a beta of 1.41. The stock has a fifty day simple moving average of $0.82 and a 200 day simple moving average of $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 quick ratio of 1.07, a current ratio of 1.08 and a debt-to-equity ratio of 0.95.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Roth Capital reiterated a “buy” rating and issued a $2.00 price target on shares of ESS Tech in a research report on Monday, May 18th. Weiss Ratings restated a “sell (e+)” rating on shares of ESS Tech in a research report 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 assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $2.00.

Insiders Place Their Bets

In other news, CEO Drew P. Buckley bought 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was purchased at an average price of $1.03 per share, with a total value of $25,750.00. Following the purchase, the chief executive officer owned 25,000 shares of the company’s stock, valued at $25,750. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Over the last three months, insiders have sold 8,890 shares of company stock valued at $8,226. Insiders own 1.40% of the company’s stock.

Institutional Investors Weigh In On ESS Tech

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Alyeska Investment Group L.P. purchased a new position in shares of ESS Tech during the fourth quarter valued at approximately $2,632,000. Arosa Capital Management LP boosted its position in ESS Tech by 40.7% during the fourth quarter. Arosa Capital Management LP now owns 950,000 shares of the company’s stock worth $1,786,000 after acquiring an additional 274,583 shares during the last quarter. Geode Capital Management LLC boosted its position in ESS Tech by 140.2% during the fourth quarter. Geode Capital Management LLC now owns 136,470 shares of the company’s stock worth $257,000 after acquiring an additional 79,657 shares during the last quarter. XTX Topco Ltd grew its stake in ESS Tech by 137.8% in the 4th quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock worth $93,000 after acquiring an additional 28,749 shares during the period. Finally, State Street Corp grew its stake in ESS Tech by 188.1% in the 4th quarter. State Street Corp now owns 46,975 shares of the company’s stock worth $88,000 after acquiring an additional 30,671 shares during the period. 46.77% of the stock is currently owned by hedge funds and other institutional investors.

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.