Energy Vault (NYSE:NRGV) Stock Sees Heavy Call Option Buying

Energy Vault Holdings, Inc. (NYSE:NRGV) was the target of unusually large options trading activity on Wednesday. Traders bought 8,108 call options on the company. This is an increase of 58% compared to the typical daily volume of 5,119 call options.

Energy Vault Trading Down 6.8%

Energy Vault stock traded down $0.27 during trading hours on Wednesday, hitting $3.62. The company had a trading volume of 1,347,902 shares, compared to its average volume of 4,481,572. The firm has a market cap of $657.35 million, a P/E ratio of -5.48 and a beta of 1.25. 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 company has a 50-day moving average price of $3.80 and a two-hundred day moving average price of $4.02. Energy Vault has a 1 year low of $2.50 and a 1 year high of $6.64.

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

Insider Activity at Energy Vault

In related news, Director Dylan Hixon purchased 85,518 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was acquired at an average price of $3.74 per share, for a total transaction of $319,837.32. Following the completion of the purchase, the director owned 1,103,185 shares in the company, valued at approximately $4,125,911.90. This represents a 8.40% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 stock was sold at an average price of $3.71, for a total value of $426,650.00. Following the completion of the sale, the director directly owned 182,245 shares of the company’s stock, valued at approximately $676,128.95. This trade represents a 38.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Institutional Investors Weigh In On Energy Vault

Hedge funds and other institutional investors have recently modified their holdings of the company. BlackRock Inc. purchased a new stake in Energy Vault during the 2nd quarter worth about $52,657,000. Legal & General Group Plc acquired a new position in Energy Vault in the second quarter valued at approximately $25,508,000. SailingStone Capital Partners LLC lifted its position in shares of 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 last quarter. J. Goldman & Co LP purchased a new position in shares of Energy Vault in the 2nd quarter valued at $7,085,000. Finally, Tidal Investments LLC boosted its stake 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. 40.03% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. Citigroup increased their target price on shares of Energy Vault from $5.00 to $6.00 and gave the stock a “buy” rating in a research report on Thursday, August 20th. Fundamental Research set a $8.03 price target on Energy Vault and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Zacks Research upgraded Energy Vault from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $7.00 target price on shares of Energy Vault in a research report on Wednesday, August 12th. Finally, Wall Street Zen lowered shares of Energy Vault from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Four research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.01.

Energy Vault Company Profile

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.