Energy Vault (NYSE:NRGV) Shares Up 7.5% – Still a Buy?

Energy Vault Holdings, Inc. (NYSE:NRGV)’s share price traded up 7.5% during trading on Tuesday. The stock traded as high as $3.92 and last traded at $3.9140. 1,449,741 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 4,592,608 shares. The stock had previously closed at $3.64.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen cut shares of Energy Vault from a “sell” rating to a “strong sell” rating in a research report on Saturday, August 15th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $7.00 price target on shares of Energy Vault in a research report on Wednesday, August 12th. Citigroup boosted their price target 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. Zacks Research raised Energy Vault from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Finally, 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. Four 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. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $6.01.

Energy Vault Stock Down 4.2%

The stock has a market cap of $686.45 million, a price-to-earnings ratio of -5.73 and a beta of 1.25. The company has a current ratio of 1.19, a quick ratio of 1.19 and a debt-to-equity ratio of 24.07. The stock’s 50-day moving average price is $3.76 and its 200-day moving average price is $4.02.

Energy Vault (NYSE:NRGV) last released its quarterly earnings data 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 during 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%. On average, sell-side analysts expect that Energy Vault Holdings, Inc. will post -0.56 earnings per share for the current year.

Insider Activity

In other Energy Vault news, Director Stephanie Unwin sold 115,000 shares of the company’s stock in a transaction dated 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. This represents a 38.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dylan Hixon purchased 85,518 shares of the stock in a transaction dated Friday, August 14th. The stock was purchased at an average cost of $3.74 per share, for a total transaction of $319,837.32. Following the completion of the acquisition, the director owned 1,103,185 shares of the company’s stock, valued at approximately $4,125,911.90. This represents a 8.40% increase in their position. The disclosure for this purchase is available in the SEC filing. 17.20% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of NRGV. BlackRock Inc. bought a new position in Energy Vault during the second quarter valued at approximately $52,657,000. Legal & General Group Plc purchased a new position in Energy Vault during the second quarter valued at $25,508,000. J. Goldman & Co LP purchased a new position in Energy Vault during the second quarter valued at $7,085,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in shares of Energy Vault in the 2nd quarter worth about $2,703,000. Finally, Bank of America Corp DE boosted its stake in 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 currently owned by institutional investors.

About Energy Vault

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.