In a recent transaction, Harry Quarls, a director at ESS Tech, Inc. (NYSE:GWH), made a significant purchase of the company's common stock. The transaction, which took place on May 9, 2024, involved the acquisition of 42,690 shares at a weighted average price of $0.839 per share. This purchase amounted to a total investment of approximately $35,816.
Investors following ESS Tech will note that the shares were bought in a series of transactions at prices that ranged from $0.808 to $0.8551. Quarls now holds a total of 366,146 shares in the company, a portion of which includes Restricted Stock Units (RSUs). RSUs are typically awarded to executives as part of their compensation package and represent the right to receive shares of stock once certain conditions are met.
The acquisition by Quarls demonstrates a commitment to the company and may be seen by investors as a positive sign of a director's confidence in the future prospects of ESS Tech. The company, which is incorporated in Delaware and based in Wilsonville, Oregon, operates in the miscellaneous electrical machinery, equipment, and supplies sector.
ESS Tech's stock transactions are closely watched by investors seeking to understand insider sentiment and potential future performance of the company's shares. Transactions like these are regularly reported and provide transparency into the actions of company executives and directors.
InvestingPro Insights
Following the recent insider purchase at ESS Tech, Inc. (NYSE:GWH), investors may find it valuable to consider additional insights from InvestingPro. With a market capitalization of approximately $145.53 million, ESS Tech presents an interesting case for those tracking the miscellaneous electrical machinery sector. Despite the challenges reflected in the company's negative gross profit margin of -201.51% for the last twelve months as of Q1 2024, the substantial revenue growth of 682.46% during the same period signals a potential pivot in the company's financial trajectory.
InvestingPro Tips suggest that ESS Tech holds more cash than debt on its balance sheet and that analysts anticipate sales growth in the current year. However, the company is also quickly burning through cash and is not expected to be profitable this year. These contrasting indicators highlight the volatility inherent in ESS Tech's financial performance and stock price movements, which have been quite volatile. For investors looking for more in-depth analysis, there are over 12 additional InvestingPro Tips available at https://www.investing.com/pro/GWH, which could further inform investment decisions.
Additionally, the recent insider purchase aligns with a strong return over the last month, as the stock has seen a price total return of 20.76%. This might offer some reassurance to potential investors about the company's direction. It's also worth noting that the company's liquid assets exceed its short-term obligations, providing a cushion for operational needs.
For those considering investing in ESS Tech, using the coupon code PRONEWS24 can secure an additional 10% off a yearly or biyearly Pro and Pro+ subscription to InvestingPro, granting access to a wealth of financial data and insights to help make more informed investment decisions.
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