ESS Tech, Inc. (NYSE:GWH) Short Interest Up 5.5% in March

ESS Tech, Inc. (NYSE:GWH - Get Free Report) saw a significant increase in short interest in March. As of March 31st, there was short interest totalling 12,510,000 shares, an increase of 5.5% from the March 15th total of 11,860,000 shares. Based on an average daily volume of 954,300 shares, the days-to-cover ratio is presently 13.1 days. Currently, 21.4% of the company's stock are sold short.

Institutional Trading of ESS Tech

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Invesco Ltd. boosted its stake in shares of ESS Tech by 81.2% during the 3rd quarter. Invesco Ltd. now owns 5,009,904 shares of the company's stock worth $9,419,000 after acquiring an additional 2,245,124 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of ESS Tech in the second quarter valued at approximately $5,685,000. Bank of America Corp DE acquired a new position in shares of ESS Tech during the 1st quarter worth approximately $10,116,000. State Street Corp lifted its position in shares of ESS Tech by 603.6% during the 2nd quarter. State Street Corp now owns 1,339,175 shares of the company's stock valued at $3,763,000 after buying an additional 1,148,852 shares in the last quarter. Finally, BlackRock Inc. grew its stake in ESS Tech by 21.7% in the 2nd quarter. BlackRock Inc. now owns 5,781,508 shares of the company's stock valued at $8,499,000 after acquiring an additional 1,030,579 shares during the period. Institutional investors and hedge funds own 46.77% of the company's stock.

ESS Tech Price Performance

GWH remained flat at $0.66 during midday trading on Tuesday. The company's stock had a trading volume of 552,519 shares, compared to its average volume of 935,822. The stock has a market cap of $116.20 million, a price-to-earnings ratio of -1.35 and a beta of 1.60. The business has a fifty day moving average of $0.81 and a 200 day moving average of $1.10. ESS Tech has a 12 month low of $0.61 and a 12 month high of $2.12.

ESS Tech (NYSE:GWH - Get Free Report) last announced its quarterly earnings results on Wednesday, March 13th. The company reported ($0.09) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.13) by $0.04. The company had revenue of $2.80 million during the quarter, compared to the consensus estimate of $4.08 million. ESS Tech had a negative return on equity of 71.44% and a negative net margin of 1,028.89%. On average, research analysts anticipate that ESS Tech will post -0.41 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

GWH has been the subject of several analyst reports. Chardan Capital decreased their price objective on ESS Tech from $1.90 to $0.80 and set a "neutral" rating for the company in a report on Friday, March 15th. Canaccord Genuity Group cut their price objective on shares of ESS Tech from $1.75 to $1.25 and set a "hold" rating on the stock in a report on Thursday, March 14th. Finally, Robert W. Baird dropped their target price on shares of ESS Tech from $4.00 to $3.00 and set an "outperform" rating on the stock in a research report on Thursday, March 14th.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.