Energy Vault (NYSE:NRGV) Trading 7.1% Higher – Here’s Why

Energy Vault Holdings, Inc. (NYSE:NRGV) traded up 7.1% during mid-day trading on Tuesday . The company traded as high as $3.71 and last traded at $3.5660. 1,216,856 shares traded hands during trading, a decline of 38% from the average session volume of 1,961,043 shares. The stock had previously closed at $3.33.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NRGV. The Goldman Sachs Group lifted their price objective on Energy Vault from $0.50 to $1.50 and gave the company a “sell” rating in a research note on Wednesday, October 8th. Zacks Research cut Energy Vault from a “hold” rating to a “strong sell” rating in a research report on Wednesday, October 15th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Energy Vault in a report on Tuesday, October 14th. Two equities research analysts have rated the stock with a Buy rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $1.67.

Energy Vault Price Performance

The company has a current ratio of 0.66, a quick ratio of 0.66 and a debt-to-equity ratio of 0.11. The stock has a 50-day moving average price of $3.01 and a 200 day moving average price of $1.70. The stock has a market capitalization of $569.71 million, a price-to-earnings ratio of -3.63 and a beta of 0.94.

Energy Vault (NYSE:NRGV) last announced its quarterly earnings results on Thursday, August 7th. The company reported ($0.22) earnings per share for the quarter, missing the consensus estimate of ($0.07) by ($0.15). Energy Vault had a negative net margin of 279.38% and a negative return on equity of 96.64%. The business had revenue of $8.51 million during the quarter, compared to analysts’ expectations of $31.18 million. As a group, equities research analysts expect that Energy Vault Holdings, Inc. will post -0.64 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Dylan Hixon purchased 20,000 shares of Energy Vault stock in a transaction that occurred on Friday, August 29th. The stock was purchased at an average price of $1.92 per share, for a total transaction of $38,400.00. Following the transaction, the director directly owned 900,065 shares in the company, valued at approximately $1,728,124.80. This trade represents a 2.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Robert Piconi purchased 50,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The stock was bought at an average cost of $2.30 per share, for a total transaction of $115,000.00. Following the completion of the purchase, the chief executive officer directly owned 20,182,384 shares in the company, valued at $46,419,483.20. This represents a 0.25% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders have bought 132,400 shares of company stock worth $288,130 and have sold 200,000 shares worth $584,000. Corporate insiders own 15.40% of the company’s stock.

Hedge Funds Weigh In On Energy Vault

Hedge funds and other institutional investors have recently made changes to their positions in the company. Ground Swell Capital LLC acquired a new stake in shares of Energy Vault in the second quarter worth approximately $26,000. Catalyst Funds Management Pty Ltd purchased a new position in Energy Vault in the 2nd quarter valued at $36,000. XTX Topco Ltd acquired a new stake in Energy Vault during the 2nd quarter worth $39,000. Platform Technology Partners purchased a new stake in shares of Energy Vault during the third quarter worth $40,000. Finally, Tower Research Capital LLC TRC raised its position in shares of Energy Vault by 570.6% in the second quarter. Tower Research Capital LLC TRC now owns 78,975 shares of the company’s stock valued at $57,000 after buying an additional 67,199 shares during the last quarter. Hedge funds and other institutional investors own 40.03% of the company’s stock.

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.