Cresset Asset Management LLC Cuts Stock Position in Energy Vault Holdings, Inc. (NYSE:NRGV)

Cresset Asset Management LLC cut its holdings in Energy Vault Holdings, Inc. (NYSE:NRGV) by 35.9% in the fourth quarter, HoldingsChannel reports. The firm owned 538,382 shares of the company’s stock after selling 302,016 shares during the quarter. Cresset Asset Management LLC’s holdings in Energy Vault were worth $1,228,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Invesco Ltd. grew its holdings in shares of Energy Vault by 15,519.9% in the fourth quarter. Invesco Ltd. now owns 2,675,226 shares of the company’s stock valued at $6,100,000 after purchasing an additional 2,658,099 shares in the last quarter. Truist Financial Corp bought a new stake in Energy Vault in the fourth quarter worth $27,000. Charles Schwab Investment Management Inc. lifted its position in Energy Vault by 44.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 889,493 shares of the company’s stock worth $2,028,000 after buying an additional 272,465 shares during the last quarter. American Century Companies Inc. bought a new stake in Energy Vault in the fourth quarter worth $57,000. Finally, Barclays PLC lifted its position in Energy Vault by 225.2% in the third quarter. Barclays PLC now owns 143,759 shares of the company’s stock worth $137,000 after buying an additional 99,550 shares during the last quarter. 40.03% of the stock is owned by hedge funds and other institutional investors.

Energy Vault Trading Down 3.2%

Shares of NRGV opened at $0.76 on Monday. The firm has a market capitalization of $117.52 million, a P/E ratio of -1.17 and a beta of 0.72. Energy Vault Holdings, Inc. has a 12-month low of $0.60 and a 12-month high of $2.70. The firm has a fifty day moving average price of $0.83 and a 200-day moving average price of $1.47.

Energy Vault (NYSE:NRGV) last issued its earnings results on Monday, March 17th. The company reported ($0.35) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.21). The company had revenue of $38.95 million for the quarter, compared to analysts’ expectations of $42.51 million. Energy Vault had a negative net margin of 73.37% and a negative return on equity of 47.41%. Analysts predict that Energy Vault Holdings, Inc. will post -0.64 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on NRGV shares. Roth Mkm lowered their price target on Energy Vault from $2.50 to $1.50 and set a “buy” rating for the company in a research report on Thursday, March 20th. The Goldman Sachs Group lowered their price target on Energy Vault from $1.00 to $0.75 and set a “sell” rating for the company in a research report on Wednesday, March 19th. Finally, TD Cowen lowered their price target on Energy Vault from $2.50 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th.

Insider Activity

In related news, insider Akshay Ladwa sold 57,033 shares of Energy Vault stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $0.71, for a total value of $40,493.43. Following the completion of the sale, the insider now directly owns 2,213,618 shares in the company, valued at $1,571,668.78. The trade was a 2.51% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders sold 142,661 shares of company stock valued at $101,289. 15.40% of the stock is currently owned by company insiders.

About Energy Vault

Energy Vault Holdings, Inc develops and sells energy storage solutions. The company offers B-Vault, an electrochemical battery energy storage systems for shorter-duration energy storage needs; G-Vault, a proprietary gravity energy storage solution, including EVx solution; and H-Vault, a hybrid energy storage systems including systems that integrate green hydrogen.