Insider Buying: ESS Tech, Inc. (NYSE:GWH) Director Purchases 42,690 Shares of Stock

ESS Tech, Inc. (NYSE:GWH) Director Harry Quarls purchased 42,690 shares of the company’s stock in a transaction dated Thursday, May 9th. The stock was acquired at an average price of $0.84 per share, with a total value of $35,859.60. Following the completion of the transaction, the director now owns 366,146 shares of the company’s stock, valued at approximately $307,562.64. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link.

ESS Tech Price Performance

NYSE:GWH traded up $0.05 on Thursday, reaching $0.83. 607,774 shares of the company’s stock were exchanged, compared to its average volume of 877,477. ESS Tech, Inc. has a 52 week low of $0.61 and a 52 week high of $2.12. The firm has a market cap of $145.53 million, a price-to-earnings ratio of -1.70 and a beta of 1.51. The stock has a fifty day simple moving average of $0.75 and a 200-day simple moving average of $0.98.

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

Analyst Ratings Changes

Several analysts recently weighed in on GWH shares. Robert W. Baird reduced their price objective on ESS Tech from $4.00 to $3.00 and set an “outperform” rating on the stock in a research note on Thursday, March 14th. Chardan Capital lowered their target price on ESS Tech from $1.90 to $0.80 and set a “neutral” rating for the company in a research report on Friday, March 15th. TD Cowen dropped their price target on shares of ESS Tech from $2.50 to $2.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Canaccord Genuity Group cut their target price on ESS Tech from $1.75 to $1.25 and set a “hold” rating on the stock in a research report on Thursday, March 14th.

Hedge Funds Weigh In On ESS Tech

Hedge funds and other institutional investors have recently made changes to their positions in the business. Invesco Ltd. lifted its position in ESS Tech by 81.2% during the third quarter. Invesco Ltd. now owns 5,009,904 shares of the company’s stock valued at $9,419,000 after purchasing an additional 2,245,124 shares during the period. Ardsley Advisory Partners LP purchased a new position in ESS Tech during the third quarter valued at approximately $376,000. Green Alpha Advisors LLC boosted its holdings in ESS Tech by 211.1% in the 4th quarter. Green Alpha Advisors LLC now owns 196,418 shares of the company’s stock worth $224,000 after buying an additional 133,285 shares during the period. Cerity Partners LLC purchased a new stake in shares of ESS Tech during the fourth quarter worth about $81,000. Finally, SG Americas Securities LLC bought a new stake in shares of ESS Tech during the first quarter valued at approximately $31,000. Institutional investors 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.