ESS Tech, Inc. (NYSE:GWH) Short Interest Update

ESS Tech, Inc. (NYSE:GWH) was the recipient of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 12,510,000 shares, an increase of 5.5% from the March 15th total of 11,860,000 shares. Based on an average daily volume of 954,300 shares, the days-to-cover ratio is presently 13.1 days. Currently, 21.4% of the company’s shares are sold short.

ESS Tech Stock Performance

NYSE GWH remained flat at $0.66 during trading hours on Wednesday. The company had a trading volume of 552,551 shares, compared to its average volume of 1,021,391. ESS Tech has a 52 week low of $0.61 and a 52 week high of $2.12. The stock has a 50 day moving average price of $0.80 and a 200 day moving average price of $1.09. The company has a market capitalization of $116.01 million, a P/E ratio of -1.35 and a beta of 1.60.

ESS Tech (NYSE:GWH) last announced its earnings results on Wednesday, March 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.04. ESS Tech had a negative return on equity of 71.44% and a negative net margin of 1,028.89%. The business had revenue of $2.80 million for the quarter, compared to analysts’ expectations of $4.08 million. On average, equities analysts predict that ESS Tech will post -0.41 EPS for the current year.

Analyst Ratings Changes

Several equities analysts have commented on GWH shares. Robert W. Baird lowered their price objective on ESS Tech from $4.00 to $3.00 and set an “outperform” rating for the company in a research report on Thursday, March 14th. Canaccord Genuity Group lowered their price objective on ESS Tech from $1.75 to $1.25 and set a “hold” rating for the company in a research report on Thursday, March 14th. Finally, Chardan Capital lowered their price objective on ESS Tech from $1.90 to $0.80 and set a “neutral” rating for the company in a research report on Friday, March 15th.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in GWH. Invesco Ltd. lifted its position in shares of ESS Tech by 81.2% during the 3rd quarter. Invesco Ltd. now owns 5,009,904 shares of the company’s stock valued at $9,419,000 after buying an additional 2,245,124 shares in the last quarter. Legal & General Group Plc purchased a new position in ESS Tech in the 2nd quarter worth approximately $5,685,000. Bank of America Corp DE purchased a new position in ESS Tech in the 1st quarter worth approximately $10,116,000. State Street Corp lifted its holdings in ESS Tech by 603.6% in the 2nd quarter. State Street Corp now owns 1,339,175 shares of the company’s stock worth $3,763,000 after purchasing an additional 1,148,852 shares in the last quarter. Finally, BlackRock Inc. lifted its holdings in ESS Tech by 21.7% in the 2nd quarter. BlackRock Inc. now owns 5,781,508 shares of the company’s stock worth $8,499,000 after purchasing an additional 1,030,579 shares in the last quarter. 46.77% of the stock is owned by hedge funds and other institutional investors.

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.