ESS Tech, Inc. (NYSE:GWH – Get Rating) saw a significant increase in short interest during the month of November. As of November 30th, there was short interest totaling 10,230,000 shares, an increase of 5.5% from the November 15th total of 9,700,000 shares. Based on an average trading volume of 1,420,000 shares, the short-interest ratio is currently 7.2 days. Currently, 22.9% of the shares of the stock are sold short.
ESS Tech Trading Up 2.0 %
Shares of NYSE:GWH traded up $0.05 during mid-day trading on Friday, reaching $2.59. The stock had a trading volume of 1,579,483 shares, compared to its average volume of 1,190,239. The firm has a market cap of $396.94 million, a PE ratio of -1.54 and a beta of 1.98. The firm has a 50 day simple moving average of $3.50 and a two-hundred day simple moving average of $3.74. ESS Tech has a twelve month low of $2.44 and a twelve month high of $14.13.
ESS Tech (NYSE:GWH – Get Rating) last announced its quarterly earnings results on Thursday, November 3rd. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The firm had revenue of $0.19 million for the quarter, compared to the consensus estimate of $1.03 million. On average, equities analysts anticipate that ESS Tech will post -0.51 EPS for the current fiscal year.
Analyst Ratings Changes
Several research analysts have recently issued reports on GWH shares. Chardan Capital reduced their target price on shares of ESS Tech from $5.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday, November 4th. EF Hutton Acquisition Co. I began coverage on shares of ESS Tech in a research note on Friday, October 28th. They issued a “buy” rating and a $6.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.18.
Insiders Place Their Bets
In related news, Director Michael R. Niggli purchased 19,100 shares of the stock in a transaction that occurred on Thursday, December 15th. The stock was acquired at an average price of $2.56 per share, with a total value of $48,896.00. Following the completion of the acquisition, the director now directly owns 578,821 shares in the company, valued at approximately $1,481,781.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Eric P. Dresselhuys sold 110,082 shares of the business’s stock in a transaction on Monday, October 17th. The stock was sold at an average price of $3.72, for a total transaction of $409,505.04. Following the completion of the sale, the chief executive officer now owns 1,381,859 shares in the company, valued at $5,140,515.48. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Michael R. Niggli purchased 19,100 shares of the firm’s stock in a transaction that occurred on Thursday, December 15th. The stock was purchased at an average price of $2.56 per share, for a total transaction of $48,896.00. Following the acquisition, the director now owns 578,821 shares of the company’s stock, valued at $1,481,781.76. The disclosure for this purchase can be found here. Over the last three months, insiders sold 320,569 shares of company stock valued at $1,212,717. Insiders own 6.80% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. acquired a new stake in shares of ESS Tech during the second quarter worth about $33,000. Cetera Advisor Networks LLC acquired a new stake in ESS Tech during the 2nd quarter worth approximately $33,000. First Republic Investment Management Inc. acquired a new stake in ESS Tech during the 2nd quarter worth approximately $36,000. Arizona State Retirement System bought a new position in ESS Tech in the second quarter valued at approximately $41,000. Finally, Brighton Jones LLC acquired a new position in shares of ESS Tech in the second quarter valued at approximately $50,000. 40.80% of the stock is owned by institutional investors and hedge funds.
About ESS Tech
(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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