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

ESS Tech (NYSE:GWH) had its price target cut by TD Cowen from $2.50 to $2.00 in a research report released on Wednesday morning, Benzinga reports. They currently have a buy rating on the stock.

GWH has been the subject of a number of other reports. Chardan Capital dropped their price target on shares of ESS Tech from $1.90 to $0.80 and set a neutral rating for the company in a research report on Friday, March 15th. Canaccord Genuity Group dropped their price target on shares of ESS Tech from $1.75 to $1.25 and set a hold rating for the company in a research report on Thursday, March 14th. Finally, Robert W. Baird dropped their price target on shares of ESS Tech from $4.00 to $3.00 and set an outperform rating for the company in a research report on Thursday, March 14th.

ESS Tech Trading Up 6.1 %

Shares of NYSE:GWH traded up $0.05 during trading on Wednesday, reaching $0.83. 607,774 shares of the stock were exchanged, compared to its average volume of 877,477. ESS Tech has a 12 month low of $0.61 and a 12 month high of $2.12. The firm has a market cap of $145.53 million, a PE ratio of -1.61 and a beta of 1.51. The stock has a 50-day moving average price of $0.75 and a 200-day moving average price 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. ESS Tech had a negative net margin of 1,028.89% and a negative return on equity of 71.44%. The company had revenue of $2.80 million during the quarter, compared to the consensus estimate of $4.08 million. On average, sell-side analysts expect that ESS Tech will post -0.41 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in GWH. Bank of New York Mellon Corp raised its position in ESS Tech by 3.6% during the third quarter. Bank of New York Mellon Corp now owns 295,776 shares of the company’s stock valued at $556,000 after purchasing an additional 10,169 shares in the last quarter. Pathstone Family Office LLC acquired a new position in shares of ESS Tech during the third quarter worth $75,000. Invesco Ltd. increased its holdings in shares of ESS Tech by 81.2% during the third quarter. Invesco Ltd. now owns 5,009,904 shares of the company’s stock worth $9,419,000 after buying an additional 2,245,124 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of ESS Tech by 9.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 132,302 shares of the company’s stock worth $249,000 after buying an additional 11,616 shares in the last quarter. Finally, Ardsley Advisory Partners LP acquired a new position in shares of ESS Tech during the third quarter worth $376,000. 46.77% of the stock is currently owned by institutional investors and hedge funds.

ESS Tech Company Profile

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.