ESS Tech (NYSE:GWH) Shares Gap Up to $3.52

ESS Tech, Inc. (NYSE:GWHGet Rating) gapped up prior to trading on Tuesday . The stock had previously closed at $3.52, but opened at $3.65. ESS Tech shares last traded at $3.34, with a volume of 12,513 shares trading hands.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Chardan Capital cut their target price on ESS Tech from $5.00 to $4.50 and set a “neutral” rating for the company in a research note on Friday, November 4th. EF Hutton Acquisition Co. I assumed coverage on ESS Tech in a research note on Friday, October 28th. They issued a “buy” rating and a $6.00 target price for the company. Three research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $9.78.

ESS Tech Price Performance

The firm has a 50 day simple moving average of $4.03 and a 200-day simple moving average of $3.94. The stock has a market capitalization of $508.82 million, a price-to-earnings ratio of -1.98 and a beta of 2.25.

ESS Tech (NYSE:GWHGet Rating) last released its quarterly earnings data on Thursday, November 3rd. The company reported ($0.18) earnings per share (EPS) for the quarter, hitting the consensus estimate of ($0.18). The company had revenue of $0.19 million for the quarter, compared to analyst estimates of $1.03 million. On average, sell-side analysts forecast that ESS Tech, Inc. will post -0.51 earnings per share for the current fiscal year.

Insider Transactions at ESS Tech

In other news, CFO Amir Moftakhar sold 63,205 shares of the stock in a transaction on Monday, October 17th. The stock was sold at an average price of $4.03, for a total transaction of $254,716.15. Following the sale, the chief financial officer now owns 583,956 shares in the company, valued at $2,353,342.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Amir Moftakhar sold 63,205 shares of the stock in a transaction on Monday, October 17th. The stock was sold at an average price of $4.03, for a total transaction of $254,716.15. Following the sale, the chief financial officer now owns 583,956 shares in the company, valued at $2,353,342.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Craig E. Evans sold 16,340 shares of the stock in a transaction on Monday, October 17th. The stock was sold at an average price of $3.72, for a total value of $60,784.80. Following the sale, the president now owns 5,625,277 shares in the company, valued at approximately $20,926,030.44. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 320,569 shares of company stock worth $1,212,717. Insiders own 6.80% of the company’s stock.

Institutional Trading of ESS Tech

Several large investors have recently made changes to their positions in GWH. CPR Investments Inc. bought a new position in ESS Tech in the first quarter valued at about $58,000. Principal Financial Group Inc. bought a new position in ESS Tech in the second quarter valued at about $33,000. Polar Capital Holdings Plc bought a new position in ESS Tech in the first quarter valued at about $66,000. Cetera Advisor Networks LLC bought a new position in ESS Tech in the second quarter valued at about $33,000. Finally, Price T Rowe Associates Inc. MD bought a new position in ESS Tech in the third quarter valued at about $52,000. Institutional investors own 40.80% of the company’s stock.

ESS Tech Company Profile

(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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