ESS Tech (NYSE:GWH) Stock Price Down 3.1% – Here’s What Happened

ESS Tech, Inc. (NYSE:GWH) fell 3.1% during mid-day trading on Tuesday . The stock traded as low as $4.04 and last traded at $4.17. 59,736 shares traded hands during trading, a decline of 27% from the average session volume of 81,720 shares. The stock had previously closed at $4.30.

Analyst Ratings Changes

GWH has been the subject of a number of research analyst reports. Baird R W downgraded ESS Tech from a “strong-buy” rating to a “strong sell” rating in a report on Thursday, November 14th. Canaccord Genuity Group restated a “hold” rating and set a $8.00 price target on shares of ESS Tech in a research note on Thursday, November 14th. Robert W. Baird lowered ESS Tech from a “neutral” rating to an “underperform” rating and reduced their price objective for the company from $14.00 to $9.00 in a research note on Thursday, November 14th. Finally, Oppenheimer cut ESS Tech from an “outperform” rating to a “market perform” rating in a report on Thursday, November 14th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, ESS Tech currently has a consensus rating of “Hold” and an average price target of $14.58.

ESS Tech Stock Performance

The firm has a fifty day simple moving average of $5.32 and a 200-day simple moving average of $6.37. The company has a market capitalization of $49.49 million, a PE ratio of -0.64 and a beta of 1.31.

Institutional Trading of ESS Tech

An institutional investor recently raised its position in ESS Tech stock. Baird Financial Group Inc. lifted its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 405,938 shares of the company’s stock after purchasing an additional 178,532 shares during the period. Baird Financial Group Inc. owned about 3.42% of ESS Tech worth $2,387,000 as of its most recent filing with the SEC. 46.77% of the stock is currently owned by institutional investors.

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.