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

ESS Tech, Inc. (NYSE:GWH) saw a large increase in short interest during the month of March. As of March 13th, there was short interest totaling 1,445,166 shares, an increase of 29.6% from the February 26th total of 1,114,977 shares. Based on an average daily volume of 1,058,793 shares, the short-interest ratio is presently 1.4 days. Currently, 5.4% of the company’s stock are short sold.

Hedge Funds Weigh In On ESS Tech

Institutional investors have recently modified their holdings of the company. LPL Financial LLC acquired a new stake in shares of ESS Tech in the fourth quarter worth $27,000. Citadel Advisors LLC acquired a new position in ESS Tech in the 3rd quarter valued at $30,000. Engineers Gate Manager LP bought a new position in ESS Tech in the 4th quarter worth $31,000. Yorkville Advisors Global LP bought a new position in ESS Tech in the 3rd quarter worth $74,000. Finally, State Street Corp lifted its position in 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. Institutional investors own 46.77% of the company’s stock.

ESS Tech Stock Down 2.2%

Shares of NYSE:GWH traded down $0.03 on Monday, reaching $1.11. The company had a trading volume of 246,447 shares, compared to its average volume of 676,973. The stock has a market capitalization of $30.02 million, a P/E ratio of -0.26 and a beta of 1.46. The stock has a 50-day moving average price of $1.47 and a 200 day moving average price of $2.30. ESS Tech has a twelve month low of $0.76 and a twelve month high of $13.87. The company has a quick ratio of 1.03, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

ESS Tech (NYSE:GWH) last issued its quarterly earnings data on Thursday, March 5th. The company reported ($1.20) EPS for the quarter, missing analysts’ consensus estimates of ($0.76) by ($0.44). ESS Tech had a negative net margin of 1,045.28% and a negative return on equity of 1,141.31%. The company had revenue of ($1.59) million for the quarter, compared to analyst estimates of ($1.60) million. On average, equities analysts expect that ESS Tech will post -6.87 EPS for the current year.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on GWH. Wall Street Zen lowered ESS Tech from a “hold” rating to a “sell” rating in a report on Friday, January 23rd. Roth Mkm dropped their price objective on ESS Tech from $3.50 to $2.50 and set a “buy” rating on the stock in a report on Friday, March 6th. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ESS Tech in a research report on Monday, December 29th. One analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, ESS Tech has a consensus rating of “Hold” and a consensus price target of $2.50.

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.