Energy Vault (NYSE:NRGV) Shares Up 8.9% – Still a Buy?

Energy Vault Holdings, Inc. (NYSE:NRGV)’s share price traded up 8.9% during trading on Tuesday. The stock traded as high as $3.59 and last traded at $3.6370. 601,934 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 4,568,258 shares. The stock had previously closed at $3.34.

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. 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. 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 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, 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 equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $6.01.

Energy Vault Stock Down 4.2%

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

Energy Vault (NYSE:NRGV) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.17) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The business 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%. Equities research analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity at Energy Vault

In related news, Director Dylan Hixon acquired 85,518 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were bought at an average cost of $3.74 per share, for a total transaction of $319,837.32. Following the completion of the transaction, the director owned 1,103,185 shares in the company, valued at approximately $4,125,911.90. This trade represents a 8.40% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Stephanie Unwin sold 115,000 shares of the stock in a transaction that occurred 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 transaction, the director owned 182,245 shares in the company, valued at $676,128.95. The trade was a 38.69% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 17.20% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Energy Vault

Hedge funds and other institutional investors have recently made changes to their positions in the business. Forte Asset Management LLC purchased a new stake in shares of Energy Vault during the 1st quarter valued at about $33,000. Quantbot Technologies LP bought a new position in shares of Energy Vault during the 2nd quarter valued at approximately $50,000. Hsbc Holdings PLC bought a new position in shares of Energy Vault during the 2nd quarter valued at approximately $57,000. Calamos Advisors LLC bought a new position in shares of Energy Vault during the 1st quarter valued at approximately $48,000. Finally, Miller Howard Investments Inc. NY bought a new position in Energy Vault in the 1st quarter worth approximately $51,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

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.