Energy Vault (NYSE:NRGV) Shares Down 6.8% – Here’s Why

Energy Vault Holdings, Inc. (NYSE:NRGV)’s share price traded down 6.8% during mid-day trading on Wednesday. The stock traded as low as $3.60 and last traded at $3.6150. 229,753 shares traded hands during trading, a decline of 95% from the average daily volume of 4,477,938 shares. The stock had previously closed at $3.88.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on NRGV. Citigroup upped their price objective on Energy Vault from $5.00 to $6.00 and gave the company a “buy” rating in a research report on Thursday, August 20th. Wall Street Zen downgraded Energy Vault from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating and set a $7.00 price target on shares of Energy Vault in a research report on Wednesday, August 12th. Weiss Ratings cut shares of Energy Vault from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Finally, Roth Capital reissued a “buy” rating and set a $7.00 target price (up from $5.00) on shares of Energy Vault in a research note on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Energy Vault presently has an average rating of “Hold” and an average target price of $6.01.

Energy Vault Trading Down 7.1%

The company has a debt-to-equity ratio of 24.07, a quick ratio of 1.19 and a current ratio of 1.19. The stock has a market capitalization of $655.53 million, a PE ratio of -5.46 and a beta of 1.25. The business’s 50-day moving average is $3.80 and its two-hundred day moving average is $4.02.

Energy Vault (NYSE:NRGV) last released its earnings results on Tuesday, August 11th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The business had revenue of $17.37 million for the quarter, compared to analyst estimates of $14.24 million. Energy Vault had a negative return on equity of 236.83% and a negative net margin of 48.58%. As a group, equities research analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 earnings per share for the current year.

Insider Activity at Energy Vault

In other news, Director Dylan Hixon purchased 27,472 shares of the stock in a transaction that occurred on Monday, August 17th. The shares were acquired at an average price of $3.88 per share, for a total transaction of $106,591.36. Following the acquisition, the director directly owned 27,472 shares in the company, valued at approximately $106,591.36. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stephanie Unwin sold 115,000 shares of the firm’s stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $3.71, for a total value of $426,650.00. Following the completion of the transaction, the director owned 182,245 shares of the company’s stock, valued at approximately $676,128.95. This represents a 38.69% decrease in their position. The SEC filing for this sale provides additional information. 17.20% of the stock is owned by insiders.

Institutional Investors Weigh In On Energy Vault

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Private Capital Advisors Inc. acquired a new position in shares of Energy Vault in the 3rd quarter valued at $316,000. Tidal Investments LLC grew its position in Energy Vault by 105.9% in the second quarter. Tidal Investments LLC now owns 688,592 shares of the company’s stock valued at $3,243,000 after acquiring an additional 354,220 shares in the last quarter. SailingStone Capital Partners LLC increased its stake in Energy Vault by 0.5% during the 2nd quarter. SailingStone Capital Partners LLC now owns 4,469,075 shares of the company’s stock worth $21,049,000 after buying an additional 24,058 shares during the period. Arizona State Retirement System lifted its stake in shares of Energy Vault by 37.6% in the second quarter. Arizona State Retirement System now owns 33,637 shares of the company’s stock worth $158,000 after acquiring an additional 9,186 shares in the last quarter. Finally, Amundi acquired a new position in shares of Energy Vault in the 2nd quarter valued at approximately $827,000. 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.