Energy Vault (NYSE:NRGV) Stock Falls 6.7% – Here’s Why

Energy Vault Holdings, Inc. (NYSE:NRGV)’s share price traded down 6.7% during trading on Monday. The stock traded as low as $4.14 and last traded at $4.1050. 717,556 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 4,521,570 shares. The stock had previously closed at $4.40.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Fundamental Research set a $8.03 price target on shares of Energy Vault and gave the stock a “buy” rating in a research report on Tuesday, August 18th. Weiss Ratings cut shares of Energy Vault from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Roth Capital reissued a “buy” rating and issued a $7.00 price target (up from $5.00) on shares of Energy Vault in a research note on Wednesday, August 12th. Citigroup lifted their price target on Energy Vault from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Finally, Wall Street Zen cut Energy Vault from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Four analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $6.01.

Energy Vault Stock Performance

The company has a market cap of $686.45 million, a P/E ratio of -5.73 and a beta of 1.25. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 24.07. The company’s 50-day moving average is $3.76 and its two-hundred day moving average is $4.02.

Energy Vault (NYSE:NRGV) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). Energy Vault had a negative return on equity of 236.83% and a negative net margin of 48.58%.The firm had revenue of $17.37 million during the quarter, compared to analysts’ expectations of $14.24 million. Equities analysts predict that Energy Vault Holdings, Inc. will post -0.56 EPS for the current year.

Insider Buying and Selling at Energy Vault

In related news, Director Stephanie Unwin sold 115,000 shares of the company’s stock in a transaction dated Wednesday, August 26th. The shares were sold at an average price of $3.71, for a total value of $426,650.00. Following the transaction, the director owned 182,245 shares in the company, valued at $676,128.95. The trade was a 38.69% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Dylan Hixon purchased 85,518 shares of Energy Vault stock in a transaction dated Friday, August 14th. The shares were acquired at an average cost of $3.74 per share, with a total value of $319,837.32. Following the transaction, the director directly owned 1,103,185 shares in the company, valued at approximately $4,125,911.90. The trade was a 8.40% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Energy Vault

Hedge funds and other institutional investors have recently made changes to their positions in the business. Forte Asset Management LLC bought a new position in shares of Energy Vault during the 1st quarter valued at approximately $33,000. Quantbot Technologies LP purchased a new position in shares of Energy Vault during the second quarter valued at $50,000. Hsbc Holdings PLC purchased a new position in Energy Vault in the second quarter valued at about $57,000. Calamos Advisors LLC acquired a new stake in Energy Vault in the first quarter worth about $48,000. Finally, Miller Howard Investments Inc. NY acquired a new stake in shares of Energy Vault during the first quarter worth about $51,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

About Energy Vault

Energy Vault Holdings, Inc (NYSE: NRGV) develops and deploys long-duration energy storage systems designed to help utilities, renewable energy developers and industrial customers store electricity and improve grid reliability. Its solutions are intended to complement intermittent renewable power sources such as wind and solar by storing energy when supply is abundant and releasing it when demand is higher.

The company’s portfolio includes gravity-based energy storage systems, which use mechanical structures and heavy materials to store and release energy, as well as battery energy storage solutions.