ESS Tech (NYSE:GWH) Issues Quarterly Earnings Results

ESS Tech (NYSE:GWH) announced its earnings results on Thursday. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.74) by $0.01, FiscalAI reports. ESS Tech had a negative return on equity of 321.20% and a negative net margin of 1,217.22%.The company had revenue of $0.21 million for the quarter, compared to analyst estimates of $5.65 million.

ESS Tech Price Performance

GWH traded down $0.13 during midday trading on Thursday, hitting $4.27. 892,094 shares of the company’s stock traded hands, compared to its average volume of 2,890,683. The company has a market cap of $62.24 million, a PE ratio of -0.68 and a beta of 1.40. The stock’s fifty day simple moving average is $3.15 and its 200-day simple moving average is $2.19. ESS Tech has a one year low of $0.76 and a one year high of $13.87.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of ESS Tech from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Weiss Ratings reiterated a “sell (e+)” rating on shares of ESS Tech in a research report on Wednesday, October 8th. 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. Finally, Roth Capital set a $3.50 price objective on ESS Tech and gave the stock a “buy” rating in a research note on Friday, October 10th. One investment analyst has rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $2.88.

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.