ESS Tech, Inc. (NYSE:GWH) Sees Large Growth in Short Interest

ESS Tech, Inc. (NYSE:GWH) was the recipient of a significant increase in short interest during the month of February. As of February 27th, there was short interest totaling 1,114,977 shares, an increase of 28.1% from the February 12th total of 870,715 shares. Based on an average trading volume of 393,625 shares, the short-interest ratio is currently 2.8 days. Currently, 4.9% of the shares of the stock are short sold. Currently, 4.9% of the shares of the stock are short sold. Based on an average trading volume of 393,625 shares, the short-interest ratio is currently 2.8 days.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. LPL Financial LLC bought a new stake in ESS Tech in the 4th quarter worth approximately $27,000. Engineers Gate Manager LP purchased a new position in shares of ESS Tech during the 4th quarter worth about $31,000. Geode Capital Management LLC grew its holdings in ESS Tech by 140.2% during the 4th quarter. Geode Capital Management LLC now owns 136,470 shares of the company’s stock valued at $257,000 after purchasing an additional 79,657 shares during the last quarter. Alyeska Investment Group L.P. purchased a new stake in ESS Tech in the 4th quarter worth about $2,632,000. Finally, Arosa Capital Management LP boosted its stake in shares of ESS Tech by 40.7% during the fourth quarter. Arosa Capital Management LP now owns 950,000 shares of the company’s stock valued at $1,786,000 after purchasing an additional 274,583 shares during the period. 46.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on GWH shares. Roth Mkm dropped their price target on ESS Tech from $3.50 to $2.50 and set a “buy” rating for the company in a research note on Friday, March 6th. Weiss Ratings reissued a “sell (d-)” rating on shares of ESS Tech in a research report on Monday, December 29th. Finally, Wall Street Zen downgraded ESS Tech from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, ESS Tech currently has a consensus rating of “Hold” and a consensus price target of $2.50.

ESS Tech Trading Up 1.2%

GWH traded up $0.02 during trading on Monday, hitting $1.29. 197,400 shares of the stock traded hands, compared to its average volume of 706,528. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 1.03. ESS Tech has a 12-month low of $0.76 and a 12-month high of $13.87. The firm has a market capitalization of $34.91 million, a P/E ratio of -0.30 and a beta of 1.46. The firm has a 50-day moving average of $1.60 and a 200 day moving average of $2.32.

ESS Tech (NYSE:GWH) last posted 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 for the quarter, compared to the consensus estimate of ($1.60) million. ESS Tech had a negative net margin of 1,045.28% and a negative return on equity of 1,141.31%. Equities research analysts anticipate that ESS Tech will post -6.87 EPS for the current year.

About ESS Tech

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.