ESS Tech (NYSE:GWH) Posts Quarterly Earnings Results, Misses Expectations By $0.46 EPS

ESS Tech (NYSE:GWH) posted its earnings results on Monday. The company reported ($1.97) earnings per share for the quarter, missing the consensus estimate of ($1.51) by ($0.46), Zacks reports. ESS Tech had a negative return on equity of 101.96% and a negative net margin of 1,263.79%. The firm had revenue of $6.40 million during the quarter, compared to the consensus estimate of $5.80 million.

ESS Tech Stock Down 4.0 %

GWH stock opened at $3.22 on Tuesday. ESS Tech has a twelve month low of $2.92 and a twelve month high of $14.10. The company has a market cap of $38.20 million, a P/E ratio of -0.49 and a beta of 1.37. The business has a fifty day moving average of $4.28 and a 200-day moving average of $5.67.

Analyst Ratings Changes

Several brokerages have weighed in on GWH. Roth Capital cut shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, March 4th. Roth Mkm lowered ESS Tech from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $17.00 to $3.00 in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $11.20.

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.