Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Energy Vault Holdings, Inc. $NRGV

Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Energy Vault Holdings, Inc. (NYSE:NRGV) in the second quarter, according to its most recent 13F filing with the SEC. The fund purchased 373,491 shares of the company’s stock, valued at approximately $1,759,000. Connor Clark & Lunn Investment Management Ltd. owned approximately 0.21% of Energy Vault at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Forte Asset Management LLC purchased a new position in Energy Vault in the first quarter worth $33,000. Calamos Advisors LLC bought a new position in shares of Energy Vault during the first quarter valued at about $48,000. Quantbot Technologies LP bought a new position in shares of Energy Vault during the second quarter valued at about $50,000. Miller Howard Investments Inc. NY bought a new position in shares of Energy Vault during the first quarter valued at about $51,000. Finally, Walleye Capital LLC bought a new position in shares of Energy Vault during the first quarter valued at about $58,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Energy Vault news, Director Stephanie Unwin sold 115,000 shares of the company’s 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 completion of the transaction, the director directly owned 182,245 shares in the company, valued at approximately $676,128.95. This represents a 38.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dylan Hixon acquired 85,518 shares of Energy Vault stock in a transaction on Friday, August 14th. The shares were bought at an average price of $3.74 per share, with a total value of $319,837.32. Following the completion of the transaction, the director directly owned 1,103,185 shares of the company’s stock, valued at $4,125,911.90. This trade represents a 8.40% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Weiss Ratings downgraded shares of Energy Vault from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, August 12th. Wall Street Zen cut shares of Energy Vault from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Roth Capital reiterated a “buy” rating and set a $7.00 price target (up from $5.00) on shares of Energy Vault in a report on Wednesday, August 12th. Zacks Research upgraded shares of Energy Vault from a “strong sell” rating to a “hold” rating in a report on Monday, July 6th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $7.00 target price on shares of Energy Vault in a report on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.01.

Energy Vault Stock Performance

NYSE NRGV traded down $0.17 during mid-day trading on Monday, reaching $3.78. 684,267 shares of the stock were exchanged, compared to its average volume of 4,493,698. The business’s 50 day moving average is $3.76 and its 200-day moving average is $4.02. Energy Vault Holdings, Inc. has a 1 year low of $2.50 and a 1 year high of $6.64. The company has a market capitalization 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 posted its quarterly earnings data on Tuesday, August 11th. The company reported ($0.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The company had revenue of $17.37 million for the quarter, compared to analyst estimates 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, equities research analysts forecast that Energy Vault Holdings, Inc. will post -0.56 EPS for the current fiscal year.

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.