ESS Tech (NYSE:GWH) Stock Rating Lowered by Wall Street Zen

Key Points

• ESS Tech has been downgraded by Wall Street Zen from a "hold" rating to a "sell" rating, reflecting growing concerns over its performance.
• The stock has a consensus rating of "Reduce" from analysts, with a significant price target reduction from Robert W. Baird, dropping from $6.00 to $2.00.
• ESS Tech reported a loss of ($0.90) EPS for the last quarter, missing expectations, despite revenue of $2.36 million exceeding estimates.

ESS Tech (NYSE:GWH - Get Free Report) was downgraded by Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued on Saturday.

GWH has been the subject of a number of other research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of ESS Tech in a report on Wednesday, October 8th. Roth Capital set a $3.50 price target on ESS Tech and gave the stock a "buy" rating in a research report on Friday, October 10th. Finally, Robert W. Baird dropped their price objective on ESS Tech from $6.00 to $2.00 and set a "neutral" rating for the company in a report on Monday, August 18th. One equities research analyst has rated the stock with a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $2.88.

ESS Tech Trading Up 15.8%

Shares of NYSE:GWH opened at $5.27 on Friday. ESS Tech has a 1-year low of $0.76 and a 1-year high of $13.87. The stock has a market capitalization of $76.73 million, a P/E ratio of -0.84 and a beta of 1.23. The business has a 50-day moving average price of $2.13 and a two-hundred day moving average price of $1.93.

ESS Tech (NYSE:GWH - Get Free Report) last issued its earnings results on Thursday, August 14th. The company reported ($0.90) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.88) by ($0.02). The business had revenue of $2.36 million during the quarter, compared to the consensus estimate of $0.60 million. ESS Tech had a negative net margin of 1,217.22% and a negative return on equity of 321.20%. As a group, equities analysts predict that ESS Tech will post -6.87 EPS for the current year.

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.

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