ESS Tech, Inc. (NYSE:GWH) Short Interest Up 30.1% in September

by · The Markets Daily

ESS Tech, Inc. (NYSE:GWH – Get Free Report) was the target of a significant growth in short interest in September. As of September 30th, there was short interest totalling 448,600 shares, a growth of 30.1% from the September 15th total of 344,800 shares. Based on an average daily volume of 73,900 shares, the days-to-cover ratio is currently 6.1 days. Currently, 9.0% of the shares of the stock are sold short.

Analyst Upgrades and Downgrades

Several research firms have commented on GWH. Roth Capital raised shares of ESS Tech to a “strong-buy” rating in a research note on Friday, July 12th. TD Cowen cut their price target on shares of ESS Tech from $2.00 to $1.50 and set a “buy” rating for the company in a research report on Thursday, August 15th. Canaccord Genuity Group decreased their price objective on ESS Tech from $1.25 to $1.00 and set a “hold” rating on the stock in a report on Friday, August 16th. Roth Mkm initiated coverage on ESS Tech in a report on Friday, July 12th. They set a “buy” rating and a $1.50 target price for the company. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on ESS Tech from $1.15 to $0.90 and set a “hold” rating on the stock in a research report on Friday, August 16th. Three equities research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, ESS Tech has an average rating of “Moderate Buy” and a consensus target price of $1.45.

Check Out Our Latest Stock Analysis on GWH

Insider Activity at ESS Tech

In related news, Director Sandeep Nijhawan sold 7,000 shares of the company’s stock in a transaction on Wednesday, September 11th. The shares were sold at an average price of $5.72, for a total value of $40,040.00. Following the completion of the transaction, the director now directly owns 15,537 shares in the company, valued at approximately $88,871.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.80% of the stock is currently owned by insiders.

Hedge Funds Weigh In On ESS Tech

A number of institutional investors have recently bought and sold shares of GWH. Green Alpha Advisors LLC raised its holdings in ESS Tech by 11.7% in the first quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock worth $159,000 after purchasing an additional 23,022 shares in the last quarter. Vanguard Personalized Indexing Management LLC bought a new position in shares of ESS Tech in the 2nd quarter worth about $27,000. Paloma Partners Management Co purchased a new position in ESS Tech during the 1st quarter valued at about $27,000. Point72 DIFC Ltd bought a new stake in ESS Tech during the second quarter worth about $32,000. Finally, CWM LLC purchased a new stake in ESS Tech in the second quarter worth about $34,000. 46.77% of the stock is owned by institutional investors.

ESS Tech Stock Down 5.1 %

Shares of GWH traded down $0.42 during mid-day trading on Tuesday, hitting $7.86. 72,214 shares of the company’s stock traded hands, compared to its average volume of 64,875. The firm has a market capitalization of $1.37 billion, a P/E ratio of -17.47 and a beta of 1.47. The business’s 50-day moving average price is $4.98 and its 200-day moving average price is $2.25. ESS Tech has a 1 year low of $5.20 and a 1 year high of $29.18.

ESS Tech (NYSE:GWH – Get Free Report) last issued its quarterly earnings data on Wednesday, August 14th. The company reported ($1.80) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.65) by ($0.15). ESS Tech had a negative net margin of 982.87% and a negative return on equity of 77.52%. The company had revenue of $0.35 million for the quarter, compared to analysts’ expectations of $3.24 million. Sell-side analysts anticipate that ESS Tech will post -6.72 earnings per share for the current fiscal year.

About ESS Tech

(Get Free Report)

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.

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