Energy Vault (NYSE:NRGV) Stock Falls 6% – Here’s Why

Energy Vault Holdings, Inc. (NYSE:NRGV)’s share price traded down 6% during trading on Wednesday. The stock traded as low as $3.74 and last traded at $3.6950. 440,217 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 4,581,661 shares. The stock had previously closed at $3.93.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Roth Capital reiterated a “buy” rating and issued a $7.00 price target (up from $5.00) 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 report on Wednesday, August 12th. Wall Street Zen cut Energy Vault from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. 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, Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price target on shares of Energy Vault in a research note on Wednesday, August 12th. Four equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $6.01.

Energy Vault Stock Down 4.2%

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 firm has a market cap of $686.45 million, a P/E ratio of -5.73 and a beta of 1.25. The stock’s 50 day simple moving average is $3.76 and its 200 day simple moving average is $4.02.

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 company had revenue of $17.37 million for the quarter, compared to the consensus estimate of $14.24 million. Energy Vault had a negative net margin of 48.58% and a negative return on equity of 236.83%. Research analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 EPS for the current year.

Insider Activity at Energy Vault

In related news, Director Dylan Hixon purchased 85,518 shares of the business’s stock in a transaction that occurred on Friday, August 14th. The shares were acquired at an average price of $3.74 per share, for a total transaction of $319,837.32. Following the completion of the acquisition, 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 position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 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 transaction, the director directly owned 182,245 shares of the company’s stock, valued at $676,128.95. This represents a 38.69% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NRGV. Forte Asset Management LLC bought a new position in shares of Energy Vault during the 1st quarter valued at approximately $33,000. Calamos Advisors LLC purchased a new stake in Energy Vault during the 1st quarter valued at $48,000. Quantbot Technologies LP purchased a new stake in Energy Vault during the 2nd quarter valued at $50,000. Miller Howard Investments Inc. NY purchased a new stake in Energy Vault in the first quarter worth $51,000. Finally, Hsbc Holdings PLC purchased a new stake in Energy Vault in the second quarter worth $57,000. 40.03% of the stock is currently owned by institutional investors.

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.