Q1 Financial Results Cause Significant Buying Pressure

Q1 Financial Results Cause Significant Buying Pressure

Q1 Financial Results Cause Significant Buying Pressure By: Tomas Ronolski - AllPennyStocks.com News

Wednesday, May 10, 2023

A small cap based out of Oregon in the industrials space ripped on Wednesday after the company announced its first quarter financial results from 2023. We know that normally in the penny stock realm we talk more about groundbreaking headlines or massive momentum swing, but this earnings beat has traders excited all the same.

ESS Tech Inc. (NYSE:GWH) turned heads on Wednesday, and it’s no surprise why. A few of the recent business highlights provided by the press release were:

-ESS LDES units received certification to the Underwriters Laboratories’ (UL) 1973 standard, an industry standard for stationary energy storage systems.
-The company entered into a partnership with Coldwell Solar, a major developer and builder of renewable energy projects for California’s commercial, agricultural and utility sectors

As for the financials, the Q1 EPS was a beat, which caused traders to buy up shares to $1.35/share (+14.42%) at the session high. This move could be an indication of things to come after the stock appears to be bouncing off of support made earlier this year.


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