Bank of America Corp DE Purchases New Shares in Energy Vault Holdings, Inc. $NRGV

Key Points

• Bank of America initiated a position in Energy Vault, purchasing 498,513 shares valued at approximately $2.35 million, or 0.28% of the company. Institutional investors and hedge funds collectively own 40.03% of NRGV.
• Analyst sentiment is mixed but includes several bullish calls: Roth Capital raised its price target to $7, while Citigroup lifted its target to $6. MarketBeat reports an overall “Hold” rating and an average price target of $6.01.
• Energy Vault reported quarterly revenue of $17.37 million, exceeding estimates, but its loss of $0.17 per share was wider than expected. The stock opened at $3.99, compared with a 52-week range of $2.50 to $6.64.

Bank of America Corp DE purchased a new position in Energy Vault Holdings, Inc. (NYSE:NRGV - Free Report) in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 498,513 shares of the company's stock, valued at approximately $2,348,000. Bank of America Corp DE owned 0.28% of Energy Vault as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Forte Asset Management LLC purchased a new stake in Energy Vault during the 1st quarter worth $33,000. Quantbot Technologies LP purchased a new position in Energy Vault in the 2nd quarter valued at about $50,000. Hsbc Holdings PLC acquired a new stake in shares of Energy Vault during the second quarter valued at about $57,000. Calamos Advisors LLC purchased a new stake in shares of Energy Vault during the first quarter worth about $48,000. Finally, Miller Howard Investments Inc. NY acquired a new position in shares of Energy Vault in the first quarter worth about $51,000. Institutional investors and hedge funds own 40.03% of the company's stock.

Analyst Upgrades and Downgrades

NRGV has been the topic of several analyst reports. Roth Capital restated a "buy" rating and set a $7.00 price objective (up from $5.00) on shares of Energy Vault in a report on Wednesday, August 12th. Weiss Ratings cut Energy Vault from a "sell (d-)" rating to a "sell (e+)" rating 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 report on Tuesday, August 18th. Citigroup lifted their price target on shares of Energy Vault from $5.00 to $6.00 and gave the stock a "buy" rating in a research note on Thursday, August 20th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $7.00 price target on shares of Energy Vault in a report on Wednesday, August 12th. 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 company's stock. According to MarketBeat, Energy Vault presently has an average rating of "Hold" and an average price target of $6.01.

Energy Vault Stock Up 0.4%

Shares of NYSE:NRGV opened at $3.99 on Thursday. The company's fifty day moving average is $3.73 and its two-hundred day moving average is $4.01. 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 Holdings, Inc. has a 1-year low of $2.50 and a 1-year high of $6.64. The stock has a market capitalization of $725.00 million, a price-to-earnings ratio of -6.04 and a beta of 1.24.

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

Insiders Place Their Bets

In other news, Director Dylan Hixon purchased 27,472 shares of the stock in a transaction dated Monday, August 17th. The stock was acquired at an average price of $3.88 per share, for a total transaction of $106,591.36. Following the completion of the transaction, the director owned 27,472 shares of the company's stock, valued at approximately $106,591.36. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stephanie Unwin sold 115,000 shares of Energy Vault 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 completion of the sale, the director 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. Additional details regarding this sale are available in the official SEC disclosure. 17.20% of the stock is owned by corporate insiders.

About Energy Vault

Energy Vault Holdings, Inc develops and deploys energy-storage systems designed to help stabilize electric grids and integrate renewable power. The company's technologies are intended to store electricity for later use, addressing the intermittent nature of sources such as wind and solar.

Its product portfolio includes gravity-based storage systems, including the EVx platform, which uses mechanical lifting and lowering of heavy composite blocks to store and release energy. Energy Vault also offers battery energy-storage systems, hybrid storage solutions, and VaultOS, a software platform designed to manage and optimize energy-storage assets.

Founded in 2017, Energy Vault became a publicly traded company in 2022 through a business combination with Novus Capital Corporation III.

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