In a recent move showing confidence in ESS Tech, Inc. (NYSE:GWH), director Quarls Harry acquired a substantial amount of company stock. The transaction, which took place on May 10, 2024, involved the purchase of 57,310 shares at a weighted average price of $0.785 per share, with prices ranging from $0.75 to $0.87. The total investment for these shares amounted to approximately $44,988.
This purchase has increased Harry's total holdings in ESS Tech to 423,456 shares. It should be noted that a portion of these shares are in the form of Restricted Stock Units (RSUs), which are rights to receive shares of the company's common stock upon certain conditions being met.
Investors often look at stock purchases by company directors as a signal of the insiders' confidence in the future of the company. Such transactions are publicly reported to ensure transparency and provide investors with insights into the actions of company executives and board members.
ESS Tech, a company specializing in miscellaneous electrical machinery, equipment, and supplies, is incorporated in Delaware and has its business headquarters in Wilsonville, Oregon. The company was formerly known as ACON S2 Acquisition Corp. before changing its name.
The recent acquisition by director Quarls Harry represents a notable investment in the company's stock and may be of interest to current and potential shareholders who track insider transactions as part of their investment research strategy.
InvestingPro Insights
In light of director Quarls Harry's recent stock purchase in ESS Tech, Inc. (NYSE:GWH), it's worth examining the company's financial health and market performance through the lens of InvestingPro data and tips. Notably, ESS Tech holds more cash than debt on its balance sheet, a reassuring sign for investors concerned about the company's financial stability. Additionally, analysts are forecasting sales growth in the current year, which could signal potential for revenue expansion despite the company's challenges with profitability and cash burn.
InvestingPro data reveals a market capitalization of $126.29 million for ESS Tech, underscoring its position in the market. The revenue has seen a significant increase, with a growth of 682.46% over the last twelve months as of Q1 2024. However, it's important to note that the company has reported a gross profit margin of -201.51%, indicating that it is currently not generating a profit from its revenues.
InvestingPro Tips further suggest that ESS Tech's stock price has experienced considerable volatility, with a 16% decline over the past week and a 35.65% drop over the last six months. These movements may be reflective of the broader market sentiment and the company's financial performance.
For investors looking to delve deeper into ESS Tech's financials and stock performance, there are additional InvestingPro Tips available. These include insights on the company's cash burn rate, gross profit margins, and analysts' profitability expectations for the year. To access these insights, visit https://www.investing.com/pro/GWH and remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 16 more InvestingPro Tips available that could help investors make more informed decisions regarding ESS Tech.
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