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

ESS Tech, Inc. (NYSE:GWH) saw a large growth in short interest in April. As of April 15th, there was short interest totaling 2,026,917 shares, a growth of 24.5% from the March 31st total of 1,627,846 shares. Currently, 7.6% of the company’s stock are short sold. Based on an average daily volume of 348,526 shares, the short-interest ratio is presently 5.8 days.

Analyst Ratings Changes

A number of equities research analysts have issued reports on GWH shares. Roth Mkm reduced their price target on ESS Tech from $3.50 to $2.50 and set a “buy” rating on the stock in a research report on Friday, March 6th. Wall Street Zen lowered ESS Tech from a “hold” rating to a “sell” rating in a research report on Friday, January 23rd. One analyst has rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, ESS Tech currently has an average rating of “Hold” and a consensus target price of $2.25.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. XTX Topco Ltd increased its holdings in shares of ESS Tech by 137.8% in the 4th quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock valued at $93,000 after acquiring an additional 28,749 shares during the last quarter. Engineers Gate Manager LP purchased a new position in shares of ESS Tech in the 4th quarter valued at about $31,000. Arosa Capital Management LP increased its holdings in shares of ESS Tech by 40.7% in the 4th quarter. Arosa Capital Management LP now owns 950,000 shares of the company’s stock valued at $1,786,000 after acquiring an additional 274,583 shares during the last quarter. Alyeska Investment Group L.P. purchased a new position in shares of ESS Tech in the 4th quarter valued at about $2,632,000. Finally, State Street Corp increased its holdings in shares of ESS Tech by 188.1% in the 4th quarter. State Street Corp now owns 46,975 shares of the company’s stock valued at $88,000 after acquiring an additional 30,671 shares during the last quarter. Hedge funds and other institutional investors own 46.77% of the company’s stock.

ESS Tech Stock Up 0.5%

GWH stock traded up $0.01 during mid-day trading on Friday, reaching $1.11. The company had a trading volume of 436,937 shares, compared to its average volume of 432,406. ESS Tech has a fifty-two week low of $0.76 and a fifty-two week high of $13.87. The company has a market capitalization of $30.02 million, a price-to-earnings ratio of -0.26 and a beta of 1.43. The company has a debt-to-equity ratio of 1.08, a quick ratio of 1.03 and a current ratio of 1.04. The firm has a fifty day simple moving average of $1.25 and a 200 day simple moving average of $2.20.

ESS Tech (NYSE:GWH) last released 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 business had revenue of ($1.59) million during the quarter, compared to analysts’ expectations of ($1.60) million. Analysts forecast that ESS Tech will post -1 earnings per share for the current fiscal 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.