ESS Tech (NYSE:GWH) Rating Lowered to “Sell” at Wall Street Zen

ESS Tech (NYSE:GWH) was downgraded by equities researchers at Wall Street Zen from a “hold” rating to a “sell” rating in a research note issued on Saturday.

Several other analysts also recently issued reports on the stock. Robert W. Baird cut their target price on shares of ESS Tech from $6.00 to $2.00 and set a “neutral” rating on the stock in a research note on Monday, August 18th. Roth Capital set a $3.50 price target on ESS Tech and gave the company a “buy” rating in a research report on Friday, October 10th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of ESS Tech in a research note on Wednesday, October 8th. One analyst has rated the stock with a Buy rating, six have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Reduce” and an average price target of $2.88.

ESS Tech Trading Up 15.8%

GWH stock opened at $5.27 on Friday. ESS Tech has a one year low of $0.76 and a one year high of $13.87. The firm has a 50-day moving average of $2.13 and a two-hundred day moving average of $1.92. The firm has a market capitalization of $76.76 million, a PE ratio of -0.84 and a beta of 1.23.

ESS Tech (NYSE:GWH) last released its quarterly earnings results on Thursday, August 14th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.88) by ($0.02). The firm had revenue of $2.36 million for the quarter, compared to analyst estimates of $0.60 million. ESS Tech had a negative net margin of 1,217.22% and a negative return on equity of 321.20%. On average, equities research analysts anticipate that ESS Tech will post -6.87 earnings per share for the current year.

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.