ESS Tech (NYSE:GWH) PT Lowered to $2.00

ESS Tech (NYSE:GWH) had its target price decreased by stock analysts at TD Cowen from $2.50 to $2.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. TD Cowen’s target price indicates a potential upside of 149.59% from the company’s current price.

A number of other equities research analysts have also commented on the company. Robert W. Baird reduced their price target on ESS Tech from $4.00 to $3.00 and set an “outperform” rating on the stock in a research report on Thursday, March 14th. Canaccord Genuity Group dropped their target price on shares of ESS Tech from $1.75 to $1.25 and set a “hold” rating on the stock in a research report on Thursday, March 14th. Finally, Chardan Capital decreased their price target on shares of ESS Tech from $1.90 to $0.80 and set a “neutral” rating for the company in a research note on Friday, March 15th.

ESS Tech Stock Down 13.1 %

Shares of NYSE GWH traded down $0.12 during trading on Wednesday, reaching $0.80. The company had a trading volume of 716,363 shares, compared to its average volume of 877,530. The company’s fifty day moving average price is $0.75 and its 200-day moving average price is $0.98. ESS Tech has a 12 month low of $0.61 and a 12 month high of $2.12. The stock has a market cap of $140.15 million, a P/E ratio of -1.68 and a beta of 1.51.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Wednesday, March 13th. The company reported ($0.09) EPS for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $2.80 million for the quarter, compared to analyst estimates of $4.08 million. As a group, equities analysts predict that ESS Tech will post -0.41 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the company. SG Americas Securities LLC bought a new stake in ESS Tech in the first quarter worth about $31,000. Green Alpha Advisors LLC raised its position 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 acquiring an additional 23,022 shares during the period. Cerity Partners LLC bought a new stake in shares of ESS Tech in the fourth quarter valued at approximately $81,000. Ardsley Advisory Partners LP bought a new stake in shares of ESS Tech in the third quarter valued at approximately $376,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its position in shares of ESS Tech by 9.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 132,302 shares of the company’s stock valued at $249,000 after purchasing an additional 11,616 shares during the period. 46.77% of the stock is owned by 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.