ESS Tech (NYSE:GWH) Shares Gap Down to $4.26

ESS Tech, Inc. (NYSE:GWHGet Rating) shares gapped down prior to trading on Wednesday . The stock had previously closed at $4.26, but opened at $4.17. ESS Tech shares last traded at $4.20, with a volume of 3,405 shares trading hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on GWH. Chardan Capital raised their target price on shares of ESS Tech from $3.50 to $5.00 and gave the company a “neutral” rating in a research note on Monday, August 15th. Canaccord Genuity Group assumed coverage on shares of ESS Tech in a research report on Wednesday, July 13th. They set a “hold” rating and a $3.75 price target on the stock. Three investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.64.

ESS Tech Stock Up 1.9 %

The firm’s fifty day moving average price is $4.09 and its 200-day moving average price is $4.41.

ESS Tech (NYSE:GWHGet Rating) last issued its earnings results on Thursday, August 11th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.06. The firm had revenue of $0.69 million during the quarter, compared to the consensus estimate of $0.01 million. On average, research analysts forecast that ESS Tech, Inc. will post -0.49 EPS for the current fiscal year.

Institutional Trading of ESS Tech

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Captrust Financial Advisors purchased a new stake in ESS Tech in the second quarter worth $95,000. Legal & General Group Plc purchased a new stake in ESS Tech in the second quarter worth $5,685,000. First Republic Investment Management Inc. purchased a new stake in ESS Tech in the second quarter worth $36,000. State Street Corp lifted its stake in ESS Tech by 603.6% in the second quarter. State Street Corp now owns 1,339,175 shares of the company’s stock worth $3,763,000 after acquiring an additional 1,148,852 shares during the period. Finally, UBS Asset Management Americas Inc. purchased a new position in ESS Tech during the second quarter valued at $218,000. Hedge funds and other institutional investors own 40.80% of the company’s stock.

About ESS Tech

(Get Rating)

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.

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