ESS Tech (NYSE:GWH) Announces Quarterly Earnings Results

ESS Tech (NYSE:GWH) announced its quarterly earnings data on Thursday. The company reported ($1.50) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($1.66) by $0.16, Zacks reports. ESS Tech had a negative net margin of 1,263.79% and a negative return on equity of 101.96%. The company had revenue of $0.60 million during the quarter, compared to analysts’ expectations of $3.45 million.

ESS Tech Trading Down 4.4%

GWH opened at $2.62 on Friday. The company has a market cap of $31.71 million, a price-to-earnings ratio of -0.40 and a beta of 1.38. The stock has a fifty day simple moving average of $2.63 and a two-hundred day simple moving average of $4.59. ESS Tech has a 12-month low of $1.96 and a 12-month high of $14.10.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GWH shares. TD Cowen lowered ESS Tech from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Roth Mkm downgraded ESS Tech from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $17.00 to $3.00 in a research report on Tuesday, March 4th. Canaccord Genuity Group cut their target price on shares of ESS Tech from $8.00 to $3.00 and set a “hold” rating on the stock in a report on Tuesday, April 1st. Cowen downgraded shares of ESS Tech from a “buy” rating to a “hold” rating in a research note on Wednesday, April 2nd. Finally, Roth Capital cut shares of ESS Tech from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, March 4th. Two research analysts have rated the stock with a sell rating and seven have given a hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $10.20.

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.