Short Interest in ESS Tech, Inc. (NYSE:GWH) Expands By 89.3%

ESS Tech, Inc. (NYSE:GWH) saw a significant growth in short interest during the month of January. As of January 30th, there was short interest totaling 923,973 shares, a growth of 89.3% from the January 15th total of 488,204 shares. Based on an average daily volume of 751,870 shares, the days-to-cover ratio is currently 1.2 days. Currently, 4.0% of the shares of the company are short sold. Currently, 4.0% of the shares of the company are short sold. Based on an average daily volume of 751,870 shares, the days-to-cover ratio is currently 1.2 days.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Wall Street Zen lowered shares of ESS Tech from a “hold” rating to a “sell” rating in a research note on Friday, January 23rd. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of ESS Tech in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $2.83.

ESS Tech Trading Up 0.7%

ESS Tech stock traded up $0.01 during trading on Friday, reaching $1.43. The company had a trading volume of 171,334 shares, compared to its average volume of 554,501. The firm has a market capitalization of $33.43 million, a price-to-earnings ratio of -0.28 and a beta of 1.46. The firm’s 50-day simple moving average is $1.84 and its 200 day simple moving average is $2.35. ESS Tech has a 52 week low of $0.76 and a 52 week high of $13.87.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Thursday, November 13th. The company reported ($0.73) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.76) by $0.03. ESS Tech had a negative return on equity of 592.34% and a negative net margin of 1,045.28%.The business had revenue of $0.21 million during the quarter, compared to analyst estimates of $5.65 million. On average, analysts predict that ESS Tech will post -6.87 earnings per share for the current year.

Institutional Investors Weigh In On ESS Tech

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. LPL Financial LLC bought a new position in shares of ESS Tech in the fourth quarter worth approximately $27,000. Citadel Advisors LLC bought a new stake in shares of ESS Tech during the 3rd quarter valued at $30,000. Yorkville Advisors Global LP purchased a new position in shares of ESS Tech during the 3rd quarter valued at $74,000. State Street Corp boosted its holdings in ESS Tech by 188.1% in the 4th quarter. State Street Corp now owns 46,975 shares of the company’s stock worth $88,000 after buying an additional 30,671 shares during the period. Finally, Green Alpha Advisors LLC boosted its holdings in ESS Tech by 1,016.7% in the 4th quarter. Green Alpha Advisors LLC now owns 118,683 shares of the company’s stock worth $223,000 after buying an additional 108,055 shares during the period. Institutional investors own 46.77% of the company’s stock.

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.