ESS Tech Sparks Retail Chatter As Stock Crosses $13 Mark To Hit July 2024 Highs

ESS Tech, Inc. (GWH) stock hit a 15-month high on Monday, surging past the $13 mark, with a 255% increase in user message count on Stocktwits over 24 hours as of Monday morning. 

The stock continued to garner retail investors' attention as the momentum around its energy storage arrangement with Salt River Project (SRP) stayed high.

Known as Project New Horizon, the 5-megawatt (MW), 50-megawatt-hour (MWh) system will be built at SRP’s Copper Crossing Energy and Research Center in Florence, Arizona, the company announced on October 9. 

ESS Tech stock traded nearly 170% higher on Monday afternoon and was the third-most trending equity ticker on Stocktwits. Retail sentiment around the stock remained in ‘extremely bullish’ territory amid ‘extremely high’ message volume levels. 

A bullish Stocktwits user said they are adding to their position in the stock. 

Another user noted that the trade imbalance between the U.S. and China regarding rare earth metals works in favor of ESS. 

ESS’ proprietary iron flow battery technology, known as Energy Base, stores power using iron, salt, and water, materials considered safe and environmentally friendly. Project New Horizon will be capable of delivering electricity for up to 10 hours, enough to power over 1,100 homes during that period. The system also supports fast charging and has a projected lifespan of 25 years.

Following the project’s announcement, ESS received an upgrade from Roth Capital, which raised its rating from ‘Neutral’ to ‘Buy’ and lifted its price target to $3.50, up from $1.65, according to TheFly. 

ESS Tech stock has gained over 105% year-to-date and over 45% in the last 12 months. 

Also See: Oracle’s AI World Conference To Shed Light On Cloud Margins And Ambitions: Report

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