Energy Vault (NYSE:NRGV) Shares Up 7.7% – Here’s What Happened

Shares of Energy Vault Holdings, Inc. (NYSE:NRGV) traded up 7.7% on Thursday . The company traded as high as $4.34 and last traded at $4.2740. 416,965 shares changed hands during trading, a decline of 91% from the average daily volume of 4,495,064 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

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

Energy Vault Stock Up 9.4%

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’s 50 day moving average price is $3.52 and its 200-day moving average price is $3.93. The company has a market cap of $790.09 million, a PE ratio of -6.58 and a beta of 1.24.

Energy Vault (NYSE:NRGV) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.17) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The business had revenue of $17.37 million during the quarter, compared to the consensus estimate 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, analysts predict that Energy Vault Holdings, Inc. will post -0.56 earnings per share for the current year.

Insider Activity

In other news, Director Dylan Hixon bought 27,472 shares of the firm’s stock in a transaction that occurred on Monday, August 17th. The shares were bought at an average cost of $3.88 per share, with a total value of $106,591.36. Following the completion of the purchase, the director directly owned 27,472 shares in the company, valued at $106,591.36. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Stephanie Unwin sold 115,000 shares of the stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $3.71, for a total transaction of $426,650.00. Following the sale, the director directly owned 182,245 shares of the company’s stock, valued at $676,128.95. The trade was a 38.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 17.20% of the company’s stock.

Hedge Funds Weigh In On Energy Vault

Several hedge funds and other institutional investors have recently modified their holdings of NRGV. BlackRock Inc. bought a new stake in Energy Vault during the second quarter worth about $52,657,000. Legal & General Group Plc bought a new position in shares of Energy Vault during the second quarter valued at approximately $25,508,000. J. Goldman & Co LP purchased a new position in shares of Energy Vault during the second quarter valued at approximately $7,085,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Energy Vault in the 2nd quarter worth approximately $2,703,000. Finally, Bank of America Corp DE boosted its position in shares of Energy Vault by 349.6% in the 1st quarter. Bank of America Corp DE now owns 665,546 shares of the company’s stock worth $2,196,000 after purchasing an additional 517,528 shares in the last quarter. 40.03% of the stock is owned by institutional investors.

Energy Vault Company Profile

Energy Vault Holdings, Inc develops and deploys energy-storage systems designed to help stabilize electric grids and integrate renewable power. The company’s technologies are intended to store electricity for later use, addressing the intermittent nature of sources such as wind and solar.

Its product portfolio includes gravity-based storage systems, including the EVx platform, which uses mechanical lifting and lowering of heavy composite blocks to store and release energy. Energy Vault also offers battery energy-storage systems, hybrid storage solutions, and VaultOS, a software platform designed to manage and optimize energy-storage assets.

Founded in 2017, Energy Vault became a publicly traded company in 2022 through a business combination with Novus Capital Corporation III.