ESS Tech (NYSE:GWH) Price Target Lowered to $2.50 at Roth Mkm

ESS Tech (NYSE:GWH) had its price target decreased by research analysts at Roth Mkm from $3.50 to $2.50 in a research note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Roth Mkm’s price target points to a potential upside of 87.97% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of ESS Tech from a “hold” rating to a “sell” rating in a report on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ESS Tech in a report on Monday, December 29th. One analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, ESS Tech has an average rating of “Hold” and a consensus target price of $2.50.

ESS Tech Stock Down 2.2%

ESS Tech stock traded down $0.03 during trading on Friday, hitting $1.33. The stock had a trading volume of 466,503 shares, compared to its average volume of 652,579. The stock’s 50 day moving average is $1.68 and its two-hundred day moving average is $2.32. ESS Tech has a 1 year low of $0.76 and a 1 year high of $13.87. The stock has a market cap of $31.09 million, a price-to-earnings ratio of -0.26 and a beta of 1.46.

ESS Tech (NYSE:GWH) last announced its quarterly earnings data on Thursday, March 5th. The company reported ($1.20) earnings per share for the quarter, missing the consensus estimate of ($0.76) by ($0.44). The firm had revenue of ($1.59) million during the quarter. ESS Tech had a negative return on equity of 592.34% and a negative net margin of 1,045.28%. As a group, equities research analysts anticipate that ESS Tech will post -6.87 EPS for the current fiscal year.

Hedge Funds Weigh In On ESS Tech

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. LPL Financial LLC bought a new position in shares of ESS Tech in the fourth quarter worth approximately $27,000. Engineers Gate Manager LP bought a new position in shares of ESS Tech in the 4th quarter worth $31,000. Citadel Advisors LLC purchased a new stake in shares of ESS Tech during the 3rd quarter valued at $30,000. XTX Topco Ltd lifted its holdings in shares of ESS Tech by 137.8% during 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 last quarter. Finally, State Street Corp lifted its holdings in shares of ESS Tech by 188.1% during 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 last quarter. 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.