Short Interest in ESS Tech, Inc. (NYSE:GWH) Declines By 17.5%

ESS Tech, Inc. (NYSE:GWH) was the target of a significant decline in short interest during the month of March. As of March 15th, there was short interest totalling 356,500 shares, a decline of 17.5% from the February 28th total of 432,300 shares. Currently, 7.1% of the company’s stock are sold short. Based on an average trading volume of 79,400 shares, the short-interest ratio is currently 4.5 days.

Institutional Investors Weigh In On ESS Tech

A hedge fund recently raised its stake in ESS Tech stock. Baird Financial Group Inc. lifted its stake in shares of ESS Tech, Inc. (NYSE:GWH) by 78.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 405,938 shares of the company’s stock after acquiring an additional 178,532 shares during the period. Baird Financial Group Inc. owned approximately 3.42% of ESS Tech worth $2,387,000 at the end of the most recent quarter. 46.77% of the stock is owned by institutional investors and hedge funds.

ESS Tech Stock Performance

NYSE GWH traded down $0.14 on Thursday, reaching $2.46. The company’s stock had a trading volume of 51,223 shares, compared to its average volume of 73,208. The stock has a market cap of $29.23 million, a PE ratio of -0.38 and a beta of 1.37. The firm’s 50 day moving average is $4.17 and its two-hundred day moving average is $5.63. ESS Tech has a twelve month low of $2.40 and a twelve month high of $14.10.

ESS Tech (NYSE:GWH) last announced its quarterly earnings results on Monday, March 31st. The company reported ($1.97) EPS for the quarter, missing the consensus estimate of ($1.51) by ($0.46). ESS Tech had a negative return on equity of 101.96% and a negative net margin of 1,263.79%. The business had revenue of $6.40 million for the quarter, compared to analyst estimates of $5.80 million. Equities research analysts anticipate that ESS Tech will post -6.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts have recently commented on GWH shares. Roth Mkm cut ESS Tech from a “buy” rating to a “neutral” rating and dropped their target price for the company from $17.00 to $3.00 in a research report on Tuesday, March 4th. Roth Capital lowered ESS Tech from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target 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.