Are ESS Tech Inc (NYSE: GWH) Shares Worth Your Money In 2023?

In the last trading session, 1.17 million ESS Tech Inc (NYSE:GWH) shares changed hands as the company’s beta touched 1.81. With the company’s per share price at $1.17 changed hands at -$0.03 or -2.50% during last session, the market valuation stood at $202.42M. GWH’s last price was a discount, traded about -242.74% off its 52-week high of $4.01. The share price had its 52-week low at $0.75, which suggests the last value was 35.9% up since then. When we look at ESS Tech Inc’s average trading volume, we note the 10-day average is 1.08 million shares, with the 3-month average coming to 1.48 million.

ESS Tech Inc (NYSE:GWH) trade information

Instantly GWH was in red as seen at the end of in last trading. With action 1.74%, the performance over the past five days has been green. The drop to weekly highs of 1.4100 on Monday, 11/20/23 subtracted -2.50% to the stock’s daily price. The company’s shares are showing year-to-date downside of -51.85%, with the 5-day performance at 1.74% in the green. However, in the 30-day time frame, ESS Tech Inc (NYSE:GWH) is -20.95% down. Looking at the short shares, we see there were 9.56 million shares sold at short interest cover period of 7.17 days.

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The consensus price target for the stock as assigned by Wall Street analysts is $2.66, meaning bulls need an upside of 56.02% from its current market value. According to analyst projections, GWH’s forecast low is $1.75 with $4.00 as the target high. To hit the forecast high, the stock’s price needs a -241.88% plunge from its current level, while the stock would need to soar -49.57% for it to hit the projected low.

ESS Tech Inc (GWH) estimates and forecasts

Data shows that the ESS Tech Inc share is performing relatively much better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -2.50% over the past 6 months, a 13.56% in annual growth rate that is considerably higher than the industry average of 1.30%. Moreover, analysts have looked to higher expectations by upgrading its fiscal year 2023 revenue estimates. The rating firms predict current quarter revenue for ESS Tech Inc will rise 31.20%. Year-over-year growth is forecast to reach 870.90% up from the last financial year.

Consensus estimates given by 5 financial analysts project the company’s revenue in the current quarter to hit an average of $3.54 million. 2 analysts are of the opinion that ESS Tech Inc’s revenue for the quarter ending Mar 2024 will be $5.78 million. The company’s revenue for the corresponding quarters a year ago was $16k and $372k respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at 22,025.00%. The estimates for the next quarter sales put growth at 1,453.80%.

The 2023 estimates are for ESS Tech Inc earnings to increase by 2.29%, but the outlook for the next 5-year period is at 11.56% per year.

GWH Dividends

ESS Tech Inc is expected to release its next quarterly earnings report on November 07.

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

If we look at who the major shareholders are, we find that insiders hold 43.55% of ESS Tech Inc shares while 38.92% of the shares are in the hands of institutional holders. The share float percentage for the stock currently stands at 68.94%. There are 38.92% institutions holding the ESS Tech Inc stock share, with Softbank Group Corporation the top institutional holder. As of Jun 29, 2023, the company held 23.11% of the shares, roughly 35.95 million GWH shares worth $52.85 million.

Blackrock Inc. holds the second largest percentage of outstanding shares, with 3.72% or 5.78 million shares worth $8.5 million as of Jun 29, 2023.

Among Mutual Funds, the top two as of Aug 30, 2023 were Invesco ETF Tr-Invesco Wilderhill Clean Energy ETF and iShares Russell 2000 ETF. With 2.56 million shares estimated at $3.66 million under it, the former controlled 1.64% of total outstanding shares. On the other hand, iShares Russell 2000 ETF held about 1.40% of the shares, roughly 2.18 million shares worth around $3.12 million.

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