ESS Tech, Inc. (NYSE:GWH) Sees Significant Increase in Short Interest

ESS Tech, Inc. (NYSE:GWH) saw a large increase in short interest in the month of December. As of December 31st, there was short interest totalling 384,100 shares, an increase of 8.3% from the December 15th total of 354,700 shares. Currently, 7.6% of the company’s shares are sold short. Based on an average daily volume of 95,400 shares, the days-to-cover ratio is presently 4.0 days.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of GWH. Vanguard Personalized Indexing Management LLC purchased a new stake in shares of ESS Tech during the 2nd quarter valued at about $27,000. Point72 DIFC Ltd bought a new stake in shares of ESS Tech in the 2nd quarter valued at about $32,000. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of ESS Tech in the 2nd quarter worth approximately $148,000. Finally, AQR Capital Management LLC bought a new position in shares of ESS Tech during the second quarter valued at approximately $84,000. 46.77% of the stock is currently owned by institutional investors.

ESS Tech Price Performance

Shares of NYSE GWH traded up $0.22 during mid-day trading on Monday, reaching $5.73. The company’s stock had a trading volume of 123,666 shares, compared to its average volume of 83,823. ESS Tech has a 52 week low of $4.35 and a 52 week high of $17.56. The stock has a fifty day moving average of $5.82 and a two-hundred day moving average of $7.62. The firm has a market capitalization of $68.01 million, a PE ratio of -0.87 and a beta of 1.32.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Robert W. Baird cut ESS Tech from a “neutral” rating to an “underperform” rating and dropped their target price for the company from $14.00 to $9.00 in a report on Thursday, November 14th. Oppenheimer lowered ESS Tech from an “outperform” rating to a “market perform” rating in a research report on Thursday, November 14th. Baird R W lowered shares of ESS Tech from a “strong-buy” rating to a “strong sell” rating in a research note on Thursday, November 14th. Finally, Canaccord Genuity Group reaffirmed a “hold” rating and issued a $8.00 price objective on shares of ESS Tech in a report on Thursday, November 14th. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $14.58.

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.