ESS Tech, Inc. (NYSE:GWH) director Teamey Kyle has recently increased his stake in the company, according to a new SEC filing. On May 14, 2024, Kyle purchased 1,250 shares of common stock at an average price of $0.7899, totaling approximately $987.
This transaction has subsequently raised Kyle's total holdings in ESS Tech to 173,609 shares. The purchase demonstrates a vote of confidence in the company's prospects and future performance by a member of the board.
ESS Tech, based in Wilsonville, Oregon, operates within the miscellaneous electrical machinery, equipment, and supplies industry. The company, known for its manufacturing operations, has been under the spotlight as it navigates the dynamic energy sector.
Investors often monitor the buying and selling activities of company insiders as these transactions can provide insights into the executives' perspectives on the company's valuation and future direction. The recent acquisition by Director Teamey Kyle may thus be of interest to current and potential shareholders as they assess ESS Tech's investment profile.
The stock transaction details were officially signed by Kelly F. Goodman, by power of attorney, and were filed the following day on May 15, 2024. As with all insider transactions, the market will likely keep a close eye on any future buying or selling activity from ESS Tech's executives and directors.
InvestingPro Insights
As ESS Tech, Inc. (NYSE:GWH) witnesses insider confidence with Director Teamey Kyle's recent purchase of shares, the company's financial health and stock performance metrics provide additional context for investors. According to InvestingPro data, ESS Tech currently holds a market capitalization of $135.91 million, indicating its size within the industry. Despite the company's impressive revenue growth of 682.46% over the last twelve months as of Q1 2024, it's important to note that ESS Tech has reported a gross profit margin of -201.51%, reflecting challenges in maintaining profitability.
With a negative P/E ratio of -1.74, the company's earnings do not currently support the stock price, which aligns with the InvestingPro Tip that analysts do not anticipate the company will be profitable this year. However, another InvestingPro Tip highlights that analysts expect sales growth in the current year, which may suggest potential for future improvement in financial performance.
Investors considering ESS Tech's stock should be aware of its recent price volatility. Over the last three months, the stock has experienced a significant drop of 20%, yet it has seen a strong return of 20.9% in the last month. This kind of fluctuation underscores the importance of keeping up with real-time data and expert analysis provided by InvestingPro.
For those looking for deeper insights and additional InvestingPro Tips, there are 16 tips available for ESS Tech, which can be accessed through the InvestingPro platform. Remember to use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which could be a valuable tool for making informed investment decisions.
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