ESS Tech (NYSE:GWH) Trading Down 5.2% – Here’s Why

ESS Tech, Inc. (NYSE:GWH) shares dropped 5.2% on Monday . The company traded as low as $0.8355 and last traded at $0.8390. 296,892 shares were traded during trading, a decline of 66% from the average session volume of 864,432 shares. The stock had previously closed at $0.8847.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of ESS Tech in a research note on Monday, May 4th. Roth Capital reaffirmed a “buy” rating and set a $2.00 price target on shares of ESS Tech in a research note on Monday, May 18th. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, ESS Tech currently has a consensus rating of “Hold” and an average price target of $2.00.

ESS Tech Stock Down 5.2%

The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.07 and a current ratio of 1.08. The company has a fifty day simple moving average of $0.88 and a two-hundred day simple moving average of $1.23. The firm has a market capitalization of $24.66 million, a PE ratio of -0.25 and a beta of 1.40.

ESS Tech (NYSE:GWH) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.54) EPS for the quarter, missing the consensus estimate of ($0.29) by ($0.25). The firm had revenue of $0.13 million during the quarter, compared to analysts’ expectations of $0.40 million. Analysts forecast that ESS Tech, Inc. will post -1.68 EPS for the current fiscal year.

Insider Buying and Selling

In other ESS Tech news, CEO Drew P. Buckley bought 25,000 shares of the business’s stock in a transaction on Thursday, June 4th. The shares were acquired at an average price of $1.03 per share, with a total value of $25,750.00. Following the transaction, the chief executive officer owned 25,000 shares of the company’s stock, valued at approximately $25,750. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 8,890 shares of company stock worth $8,226. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On ESS Tech

A number of hedge funds and other institutional investors have recently modified their holdings of the business. XTX Topco Ltd increased its holdings in ESS Tech by 137.8% during the fourth quarter. XTX Topco Ltd now owns 49,609 shares of the company’s stock valued at $93,000 after buying an additional 28,749 shares during the period. Engineers Gate Manager LP purchased a new stake in ESS Tech during the fourth quarter worth $31,000. Arosa Capital Management LP lifted its holdings in ESS Tech by 40.7% during the fourth quarter. Arosa Capital Management LP now owns 950,000 shares of the company’s stock worth $1,786,000 after buying an additional 274,583 shares during the period. Alyeska Investment Group L.P. bought a new stake in ESS Tech during the 4th quarter valued at $2,632,000. Finally, State Street Corp boosted its position in ESS Tech by 188.1% during 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 in the last quarter. 46.77% of the stock is currently owned by institutional investors.

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.