Energy Vault (NYSE:NRGV) Stock Falls 6.8% – Here’s Why

Energy Vault Holdings, Inc. (NYSE:NRGV)’s share price dropped 6.8% during trading on Wednesday. The stock traded as low as $3.60 and last traded at $3.6150. 229,753 shares traded hands during trading, a decline of 95% from the average session volume of 4,477,938 shares. The stock had previously closed at $3.88.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Citigroup upped their target price on Energy Vault from $5.00 to $6.00 and gave the stock a “buy” rating in a research note on Thursday, August 20th. Roth Capital reissued a “buy” rating and set a $7.00 price target (up from $5.00) on shares of Energy Vault in a research note on Wednesday, August 12th. Weiss Ratings cut 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 lowered shares of Energy Vault from a “sell” rating to a “strong sell” rating in a report on Saturday, August 15th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $7.00 price target on shares of Energy Vault in a research note on Wednesday, August 12th. Four investment analysts have rated the stock with a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $6.01.

Energy Vault Stock Down 9.4%

The company has a market capitalization of $602.80 million, a P/E ratio of -5.02 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 fifty day moving average is $3.83 and its 200 day moving average is $4.02.

Energy Vault (NYSE:NRGV) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.03). The firm had revenue of $17.37 million during the quarter, compared to the consensus estimate of $14.24 million. Energy Vault had a negative return on equity of 236.83% and a negative net margin of 48.58%. Research analysts predict that Energy Vault Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Insider Activity at Energy Vault

In other news, Director Stephanie Unwin sold 115,000 shares of Energy Vault stock in a transaction that occurred on Wednesday, August 26th. The stock was sold at an average price of $3.71, for a total value of $426,650.00. Following the sale, the director directly owned 182,245 shares in the company, valued at approximately $676,128.95. This trade represents a 38.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dylan Hixon bought 27,472 shares of Energy Vault stock in a transaction dated Monday, August 17th. The shares were acquired at an average cost of $3.88 per share, for a total transaction of $106,591.36. Following the completion of the purchase, the director directly owned 27,472 shares of the company’s stock, valued at approximately $106,591.36. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 17.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Private Capital Advisors Inc. bought a new stake in shares of Energy Vault during the 3rd quarter valued at about $316,000. Tidal Investments LLC raised its stake in Energy Vault by 105.9% in the second quarter. Tidal Investments LLC now owns 688,592 shares of the company’s stock worth $3,243,000 after buying an additional 354,220 shares in the last quarter. SailingStone Capital Partners LLC lifted its holdings in Energy Vault by 0.5% in the second quarter. SailingStone Capital Partners LLC now owns 4,469,075 shares of the company’s stock worth $21,049,000 after buying an additional 24,058 shares during the period. Arizona State Retirement System lifted its holdings in Energy Vault by 37.6% in the second quarter. Arizona State Retirement System now owns 33,637 shares of the company’s stock worth $158,000 after buying an additional 9,186 shares during the period. Finally, Amundi bought a new stake in Energy Vault during the 2nd quarter valued at approximately $827,000. 40.03% of the stock is owned by hedge funds and other 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.