Roth Capital lowered its price target on ESS Tech to $2 while maintaining a Buy rating following weaker first-quarter performance.
Roth Capital reduced its price target for ESS Tech Inc. (NYSE:GWH) to $2 from $2.50, keeping a Buy rating after the company reported softer first-quarter results. The adjustment reflects GWH’s ongoing shift toward commercializing its Energy Base platform, though management highlighted strategic developments, including Project New Horizon with SRP and Google.
GWH’s Q1 performance follows its recent infrastructure milestone on May 5, 2026, when it commissioned two iron flow battery systems for Turlock Irrigation District. The project integrates long-duration energy storage with solar panels, aiming to enhance renewable energy management and reduce water evaporation in California’s Central Valley.
The company emphasized the project’s role in demonstrating the scalability of its iron flow battery systems for utility and infrastructure applications. The deployment aligns with broader industry trends toward flexible, long-duration energy storage solutions.