ESS Tech (NYSE:GWH) Downgraded by Robert W. Baird to “Underperform”

ESS Tech (NYSE:GWH) was downgraded by investment analysts at Robert W. Baird from a “neutral” rating to an “underperform” rating in a report released on Thursday,Briefing.com Automated Import reports. They currently have a $9.00 price objective on the stock, down from their prior price objective of $14.00. Robert W. Baird’s price objective suggests a potential upside of 0.84% from the stock’s previous close.

Several other research analysts have also issued reports on the company. Deutsche Bank Aktiengesellschaft lowered their target price on ESS Tech from $17.25 to $13.50 and set a “hold” rating for the company in a research report on Friday, August 16th. TD Cowen lowered their target price on ESS Tech from $30.00 to $22.50 and set a “buy” rating for the company in a research report on Thursday, August 15th. Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday. Finally, Canaccord Genuity Group lowered their price objective on ESS Tech from $18.75 to $15.00 and set a “hold” rating for the company in a research report on Friday, August 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $15.75.

ESS Tech Stock Down 1.9 %

Shares of NYSE:GWH opened at $8.93 on Thursday. The firm has a market cap of $105.23 million, a P/E ratio of -1.42 and a beta of 1.41. ESS Tech has a 12-month low of $5.20 and a 12-month high of $21.15. The business has a fifty day simple moving average of $7.07 and a 200 day simple moving average of $9.62.

ESS Tech (NYSE:GWH) last announced its earnings results on Wednesday, August 14th. The company reported ($27.00) earnings per share (EPS) for the quarter, missing the consensus estimate of ($24.75) by ($2.25). The company had revenue of $0.35 million for the quarter, compared to the consensus estimate of $3.24 million. ESS Tech had a negative return on equity of 77.52% and a negative net margin of 982.87%. As a group, equities research analysts expect that ESS Tech will post -6.72 EPS for the current year.

Insider Activity

In other ESS Tech news, Director Sandeep Nijhawan sold 7,000 shares of ESS Tech stock in a transaction dated Wednesday, September 11th. The stock was sold at an average price of $5.72, for a total transaction of $40,040.00. Following the completion of the transaction, the director now owns 15,537 shares in the company, valued at approximately $88,871.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 2.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On ESS Tech

A number of hedge funds have recently added to or reduced their stakes in the stock. Point72 DIFC Ltd acquired a new position in ESS Tech during the 2nd quarter valued at about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of ESS Tech in the 2nd quarter worth approximately $148,000. AQR Capital Management LLC purchased a new position in shares of ESS Tech in the 2nd quarter worth approximately $84,000. Vanguard Personalized Indexing Management LLC purchased a new position in shares of ESS Tech in the 2nd quarter worth approximately $27,000. Finally, CWM LLC purchased a new position in shares of ESS Tech in the 2nd quarter worth approximately $34,000. Institutional investors and hedge funds own 46.77% of the company’s stock.

About ESS Tech

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.