Key Points
- ESS Tech CEO Drew Buckley bought 25,000 shares at $1.03 each, a transaction worth $25,750, and now directly owns 25,000 shares.
- The stock was down 5.4% and opened at $0.86, well below its 50-day moving average of $1.05 and 200-day moving average of $1.52.
- The company continues to face weak fundamentals, having reported a larger-than-expected quarterly loss and minimal revenue, while analysts currently have a consensus Hold rating with a $2.00 price target.
ESS Tech, Inc. (NYSE:GWH - Get Free Report) CEO Drew Buckley bought 25,000 shares of the company's stock in a transaction that occurred on Thursday, June 4th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $25,750.00. Following the completion of the transaction, the chief executive officer directly owned 25,000 shares in the company, valued at approximately $25,750. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link.
ESS Tech Trading Down 5.4%
NYSE GWH opened at $0.86 on Tuesday. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.08 and a quick ratio of 1.07. The firm's fifty day moving average price is $1.05 and its 200 day moving average price is $1.52. The company has a market capitalization of $25.22 million, a price-to-earnings ratio of -0.25 and a beta of 1.40. ESS Tech, Inc. has a 12 month low of $0.57 and a 12 month high of $13.87.
ESS Tech (NYSE:GWH - Get Free Report) last posted its earnings results on Thursday, May 7th. The company reported ($0.54) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.25). The company had revenue of $0.13 million during the quarter, compared to analysts' expectations of $0.40 million. ESS Tech had a negative net margin of 1,045.28% and a negative return on equity of 1,251.69%. On average, sell-side analysts expect that ESS Tech, Inc. will post -1.68 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of GWH. Citadel Advisors LLC purchased a new position in ESS Tech during the 3rd quarter worth $30,000. Yorkville Advisors Global LP purchased a new position in ESS Tech during the 3rd quarter worth $74,000. Green Alpha Advisors LLC grew its position in ESS Tech by 1,016.7% during the 4th quarter. Green Alpha Advisors LLC now owns 118,683 shares of the company's stock worth $223,000 after purchasing an additional 108,055 shares during the last quarter. Geode Capital Management LLC grew its position in ESS Tech by 140.2% during the 4th quarter. Geode Capital Management LLC now owns 136,470 shares of the company's stock worth $257,000 after purchasing an additional 79,657 shares during the last quarter. Finally, LPL Financial LLC purchased a new position in ESS Tech during the 4th quarter worth $27,000. 46.77% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ESS Tech in a research report on Monday, May 4th. Roth Mkm reissued a "buy" rating and set a $2.00 price objective on shares of ESS Tech in a research report on Monday, May 18th. One 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, the stock currently has a consensus rating of "Hold" and a consensus price target of $2.00.
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About ESS Tech
(
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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.
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