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

ESS Tech (NYSE:GWH) had its price target cut by TD Cowen from $2.50 to $2.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen’s price objective would indicate a potential upside of 149.59% from the stock’s current price.

GWH has been the topic of a number of other research reports. Chardan Capital lowered their target price on ESS Tech from $1.90 to $0.80 and set a “neutral” rating on the stock in a research note on Friday, March 15th. Robert W. Baird lowered their price target on shares of ESS Tech from $4.00 to $3.00 and set an “outperform” rating on the stock in a report on Thursday, March 14th. Finally, Canaccord Genuity Group reduced their price target on ESS Tech from $1.75 to $1.25 and set a “hold” rating for the company in a report on Thursday, March 14th.

ESS Tech Price Performance

ESS Tech stock traded down $0.12 during trading hours on Wednesday, reaching $0.80. The stock had a trading volume of 716,363 shares, compared to its average volume of 877,530. The company has a market cap of $140.15 million, a price-to-earnings ratio of -1.68 and a beta of 1.51. The business’s 50 day moving average price is $0.75 and its 200-day moving average price is $0.98. ESS Tech has a 52 week low of $0.61 and a 52 week high of $2.12.

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

Hedge Funds Weigh In On ESS Tech

Several hedge funds and other institutional investors have recently modified their holdings of GWH. Bank of New York Mellon Corp raised its stake in shares of ESS Tech by 3.6% in the 3rd quarter. Bank of New York Mellon Corp now owns 295,776 shares of the company’s stock valued at $556,000 after acquiring an additional 10,169 shares during the period. Pathstone Family Office LLC purchased a new position in shares of ESS Tech in the 3rd quarter valued at $75,000. Invesco Ltd. lifted its holdings in shares of ESS Tech by 81.2% in the 3rd quarter. Invesco Ltd. now owns 5,009,904 shares of the company’s stock valued at $9,419,000 after purchasing an additional 2,245,124 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in shares of ESS Tech by 9.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 132,302 shares of the company’s stock worth $249,000 after acquiring an additional 11,616 shares during the last quarter. Finally, Ardsley Advisory Partners LP acquired a new stake in ESS Tech during the 3rd quarter worth approximately $376,000. 46.77% of the stock is owned by hedge funds and other institutional investors.

ESS Tech Company Profile

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.