TD Cowen Lowers ESS Tech (NYSE:GWH) Price Target to $2.00

ESS Tech (NYSE:GWH) had its price target cut by analysts at TD Cowen from $2.50 to $2.00 in a report released on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. TD Cowen’s price target indicates a potential upside of 140.36% from the stock’s current price.

A number of other equities analysts have also commented on the stock. Robert W. Baird cut their price objective on shares of ESS Tech from $4.00 to $3.00 and set an “outperform” rating on the stock in a report on Thursday, March 14th. Canaccord Genuity Group lowered their price objective on ESS Tech from $1.75 to $1.25 and set a “hold” rating for the company in a research note on Thursday, March 14th. Finally, Chardan Capital cut their target price on ESS Tech from $1.90 to $0.80 and set a “neutral” rating on the stock in a research report on Friday, March 15th.

ESS Tech Price Performance

Shares of GWH opened at $0.83 on Wednesday. ESS Tech has a 12 month low of $0.61 and a 12 month high of $2.12. The stock’s 50-day moving average is $0.75 and its two-hundred day moving average is $0.98. The stock has a market cap of $145.53 million, a PE ratio of -1.70 and a beta of 1.51.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Wednesday, March 13th. The company reported ($0.09) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.04. ESS Tech had a negative return on equity of 71.44% and a negative net margin of 1,028.89%. The firm had revenue of $2.80 million for the quarter, compared to analyst estimates of $4.08 million. On average, research analysts anticipate that ESS Tech will post -0.41 earnings per share for the current year.

Insiders Place Their Bets

In other ESS Tech news, Director Harry Quarls bought 42,690 shares of the company’s stock in a transaction on Thursday, May 9th. The shares were bought at an average cost of $0.84 per share, with a total value of $35,859.60. Following the completion of the acquisition, the director now owns 366,146 shares of the company’s stock, valued at $307,562.64. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.80% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC acquired a new position in shares of ESS Tech during the first quarter valued at $31,000. Pathstone Family Office LLC acquired a new stake in shares of ESS Tech in the third quarter valued at approximately $75,000. Cerity Partners LLC acquired a new stake in ESS Tech in the 4th quarter valued at approximately $81,000. Green Alpha Advisors LLC raised its stake in ESS Tech by 11.7% during the 1st quarter. Green Alpha Advisors LLC now owns 219,440 shares of the company’s stock valued at $159,000 after acquiring an additional 23,022 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its position in ESS Tech by 9.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 132,302 shares of the company’s stock worth $249,000 after acquiring an additional 11,616 shares during the period. Institutional investors and hedge funds own 46.77% of the company’s stock.

About ESS Tech

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.