ESS Tech, Inc. (NYSE:GWH) sees significant growth in short interest


ESS Tech, Inc. In the year In the year Short interest totaled 10,230,000 shares as of November 30th, a 5.5% increase from November 15th’s 9,700,000 shares. With an average trading volume of 1,420,000 shares, the short interest ratio is currently 7.2 days. Currently, 22.9% of the stock’s shares are sold short.

SS Tech Marketing 2.0%

Shares of NYSE:GWH traded up $0.05 during mid-day trading on Friday, reaching $2.59. The stock had a trading volume of 1,579,483 shares, compared to its average volume of 1,190,239. The company has a market cap of $396.94 million, a PE ratio of -1.54 and a beta of 1.98. The firm has a 50 day simple moving average of $3.50 and a two hundred day simple moving average of $3.74. ESS Tech has a twelve month low of $2.44 and a twelve month high of $14.13.

ESS Tech (NYSE:GWH – Rating ) last announced its quarterly earnings results on Thursday, November 3rd. The company reported ($0.18) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.18). The company had revenue of $0.19 million for the quarter, compared to the consensus estimate of $1.03 million. On average, equities analysts anticipate that ESS Tech will post -0.51 EPS for the current fiscal year.

Changes in analyst standards

A number of research analysts recently issued reports on GWH shares. Chardan Capital decreased their target price on shares of ESS Tech from $5.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday, November 4th. EF Hutton Acquisition Co. I initiated coverage on ESS Tech shares on Friday, October 28th. They issued a “buy” rating and a $6.00 price objective on the stock. Three investment analysts have rated the company’s stock with a buy rating. The stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.18, according to data from MarketBeat.com.

Insiders place their bets

In related news, Director Michael R. Nigley purchased 19,100 shares of the stock in a transaction that occurred on Thursday, December 15th. The stock was realized at an average price of $2.56 per share, with a total value of $48,896.00. Following the completion of the acquisition, the director directly owns 578,821 shares in the company, valued at approximately $1,481,781.76. The purchase was disclosed in a filing with the Securities and Exchange Commission, which can be accessed through the SEC’s website. In other news, CEO Eric P. Dresselhuis sold 110,082 shares of the business’s stock in a transaction dated Monday, October 17th. The stock traded at an average price of $3.72, for a total transaction of $409,505.04. Following the completion of the sale, the chief executive officer now owns 1,381,859 shares in the company, valued at $5,140,515.48. The transaction is disclosed in an SEC filing at this hyperlink. Also, Director Michael R. Nigley bought 19,100 shares of the company’s stock in a transaction that occurred on Thursday, December 15th. The stock traded at an average price of $2.56 per share, with a total transaction of $48,896.00. Following the acquisition, the director now owns 578,821 shares of the company’s stock, valued at $1,481,781.76. A description of this purchase can be found here. Over the last three months, insiders have sold 320,569 shares of company stock worth $1,212,717. Insiders own 6.80% of the company.

Institutional flows and exits

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Principal Financial Group Inc. acquired a new stake in shares of ESS Tech during the second quarter worth approximately $33,000. Cetera Advisor Networks LLC acquired a new stake in ESS Tech in the 2nd quarter worth about $33,000. First Republic Investment Management Inc. acquired a stake in ESS Tech in the 2nd quarter worth approximately $36,000. Arizona State Retirement System bought a new position in ESS Tech in the second quarter worth about $41,000. Finally, Brighton Jones LLC acquired a new position in shares of ESS Tech in the second quarter valued at about $50,000. 40.80% of the stock is owned by institutional investors and hedge funds.

About ESS Tech

(get rank)

ESS Tech, Inc., an energy storage company, designs and manufactures metal flow batteries for commercial and consumer-scale energy storage applications worldwide. It offers energy storage products, including energy storage, off-the-meter solutions; and Energy Center, a front-of-the-meter solution. The company was founded in 2011 and is headquartered in Wilsonville, Oregon.

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