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ESS Tech Inc. (NYSE: GWH) Received An -68.18% Loss In 6 Months – Here’s What To Expect

During the last session, ESS Tech Inc. (NYSE:GWH)’s traded shares were 1.08 million. At the end of the trading day, the stock’s price was $1.12, reflecting an intraday loss of -6.67% or -$0.08. The 52-week high for the GWH share is $5.30, that puts it down -373.21 from that peak though still a striking 33.04% gain since the share price plummeted to a 52-week low of $0.75. The company’s market capitalization is $147.94M, and the average intraday trading volume over the past 10 days was 4.02 million shares, and the average trade volume was 1.58 million shares over the past three months.

ESS Tech Inc. (NYSE:GWH) trade information

ESS Tech Inc. (GWH) registered a -6.67% downside in the last session and has traded in the green over the past 5 sessions. The stock plummet -6.67% in intraday trading to $1.12 this Wednesday, 05/24/23, hitting a weekly high. The stock’s 5-day price performance is 19.15%, and it has moved by 6.67% in 30 days. Based on these gigs, the overall price performance for the year is -75.76%. The short interest in ESS Tech Inc. (NYSE:GWH) is 9.39 million shares and it means that shorts have 11.29 day(s) to cover.

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The consensus price target of analysts on Wall Street is $2.55, which implies an increase of 56.08% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $1.10 and $4.00 respectively. As a result, GWH is trading at a discount of -257.14% off the target high and 1.79% off the low.

ESS Tech Inc. (GWH) estimates and forecasts

Statistics show that ESS Tech Inc. has underperformed its competitors in share price, compared to the industry in which it operates. ESS Tech Inc. (GWH) shares have gone down -68.18% during the last six months, with a year-to-date growth rate less than the industry average at 3.39% against 12.60. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -50.00% this quarter and then jump 33.30% in the quarter after that. In the rating firms’ projections, revenue will increase 1,481.70% compared to the previous financial year.

Revenue for the current quarter is expected to be $3.44 million as predicted by 4 analyst(s). Meanwhile, a consensus of 5 analyst(s) estimates revenue growth to $4.36 million by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $686k and $192k respectively. In this case, analysts expect current quarter sales to grow by 401.50% and then jump by 2,170.80% in the coming quarter.

While earnings are projected to return 83.70% in 2023.

GWH Dividends

ESS Tech Inc. is due to release its next quarterly earnings on February 24. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance.

ESS Tech Inc. (NYSE:GWH)’s Major holders

ESS Tech Inc. insiders own 42.30% of total outstanding shares while institutional holders control 39.46%, with the float percentage being 68.39%. Softbank Group Corporation is the largest shareholder of the company, while 161 institutions own stock in it. As of Mar 30, 2023, the company held over 35.95 million shares (or 23.29% of all shares), a total value of $40.27 million in shares.

The next largest institutional holding, with 4.75 million shares, is of Blackrock Inc.’s that is approximately 3.08% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $5.32 million.

Also, the Mutual Funds coming in first place with the largest holdings of ESS Tech Inc. (GWH) shares are Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and iShares Russell 2000 ETF. Data provided on Mar 30, 2023 indicates that Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF owns about 3.38 million shares. This amounts to just over 2.19 percent of the company’s overall shares, with a $3.79 million market value. The same data shows that the other fund manager holds slightly less at 1.75 million, or about 1.14% of the stock, which is worth about $1.96 million.

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