Legal & General Group Plc Makes New Investment in Energy Vault Holdings, Inc. $NRGV

Legal & General Group Plc 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 5,415,800 shares of the company’s stock, valued at approximately $25,508,000. Legal & General Group Plc owned approximately 3.04% of Energy Vault at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Bank of Nova Scotia grew its position in Energy Vault by 19.9% in the first quarter. Bank of Nova Scotia now owns 41,600 shares of the company’s stock worth $137,000 after acquiring an additional 6,900 shares in the last quarter. Forte Asset Management LLC purchased a new position in Energy Vault in the first quarter worth $33,000. Quantbot Technologies LP purchased a new position in Energy Vault in the second quarter worth $50,000. Calamos Advisors LLC purchased a new stake in Energy Vault during the first quarter valued at about $48,000. Finally, Miller Howard Investments Inc. NY purchased a new stake in Energy Vault during the first quarter valued at about $51,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Energy Vault

In other news, Director Dylan Hixon purchased 85,518 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was purchased at an average cost of $3.74 per share, with a total value of $319,837.32. Following the purchase, 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 purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Stephanie Unwin sold 115,000 shares of Energy Vault stock in a transaction dated Wednesday, August 26th. The stock was sold at an average price of $3.71, for a total transaction of $426,650.00. Following the transaction, the director directly owned 182,245 shares of the company’s stock, valued at approximately $676,128.95. This represents a 38.69% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is currently owned by insiders.

Energy Vault Trading Down 4.2%

Shares of NRGV stock traded down $0.17 during trading hours on Monday, reaching $3.78. 684,267 shares of the stock were exchanged, compared to its average volume of 4,493,698. Energy Vault Holdings, Inc. has a 12-month low of $2.50 and a 12-month high of $6.64. 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 company’s 50-day moving average price is $3.76 and its 200-day moving average price is $4.02. The firm has a market capitalization of $686.45 million, a price-to-earnings ratio of -5.73 and a beta of 1.25.

Energy Vault (NYSE:NRGV) last released 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). Energy Vault had a negative return on equity of 236.83% and a negative net margin of 48.58%.The firm had revenue of $17.37 million for the quarter, compared to analysts’ expectations of $14.24 million. As a group, equities analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NRGV shares. Weiss Ratings lowered shares of Energy Vault from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 12th. Citigroup upped their price objective on shares of Energy Vault from $5.00 to $6.00 and gave the company a “buy” rating in a research note on Thursday, August 20th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $7.00 price objective on shares of Energy Vault in a research note on Wednesday, August 12th. Fundamental Research set a $8.03 price target on shares of Energy Vault and gave the stock a “buy” rating in a research note on Tuesday, August 18th. Finally, Roth Capital reissued a “buy” rating and issued a $7.00 price target (up from $5.00) on shares of Energy Vault in a research note on Wednesday, August 12th. Four research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, Energy Vault has an average rating of “Hold” and a consensus price target of $6.01.

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.