BlackRock Inc. Buys New Position in Energy Vault Holdings, Inc. $NRGV

Key Points

• BlackRock acquired 11.18 million Energy Vault shares during the second quarter, valued at approximately $52.7 million and representing a 6.27% stake. Institutional investors collectively own 40.03% of the company.
• Analyst sentiment is mixed: four analysts rate the stock Buy, one Hold and two Sell. The consensus rating is Hold, with an average price target of $6.01.
• Energy Vault reported quarterly revenue of $17.37 million, exceeding estimates, but posted an adjusted loss of $0.17 per share and maintained sharply negative profitability metrics. Company insiders also recently sold shares.

BlackRock Inc. bought a new stake in Energy Vault Holdings, Inc. (NYSE:NRGV - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 11,179,762 shares of the company's stock, valued at approximately $52,657,000. BlackRock Inc. owned about 6.27% of Energy Vault as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Millennium Management LLC raised its stake in Energy Vault by 141.2% during the 3rd quarter. Millennium Management LLC now owns 5,858,734 shares of the company's stock valued at $17,400,000 after purchasing an additional 3,430,094 shares during the last quarter. State Street Corp increased its holdings in shares of Energy Vault by 1,004.0% during the 4th quarter. State Street Corp now owns 5,697,735 shares of the company's stock worth $26,267,000 after purchasing an additional 5,181,624 shares during the period. Legal & General Group Plc bought a new position in shares of Energy Vault during the 4th quarter worth about $18,217,000. Marshall Wace LLP raised its position in shares of Energy Vault by 132.7% during the fourth quarter. Marshall Wace LLP now owns 3,194,205 shares of the company's stock valued at $14,725,000 after buying an additional 1,821,462 shares during the last quarter. Finally, Invesco Ltd. bought a new stake in shares of Energy Vault in the fourth quarter valued at about $11,454,000. 40.03% of the stock is owned by institutional investors.

Insider Buying and Selling at Energy Vault

In other news, Director Stephanie Unwin sold 115,000 shares of the business's stock in a transaction on Wednesday, August 26th. The shares were sold at an average price of $3.71, for a total value of $426,650.00. Following the sale, the director owned 182,245 shares in the company, valued at approximately $676,128.95. The trade was a 38.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michael Thomas Beer sold 65,000 shares of the company's stock in a transaction dated Monday, July 6th. The stock was sold at an average price of $4.08, for a total transaction of $265,200.00. Following the completion of the sale, the chief financial officer directly owned 1,021,806 shares in the company, valued at approximately $4,168,968.48. The trade was a 5.98% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 17.20% of the company's stock.

Analyst Ratings Changes

NRGV has been the topic of a number of recent research reports. Cantor Fitzgerald reissued an "overweight" rating and set a $7.00 target price on shares of Energy Vault in a research report on Wednesday, August 12th. Roth Capital reiterated a "buy" rating and issued a $7.00 price objective (up from $5.00) on shares of Energy Vault in a research report on Wednesday, August 12th. Citigroup raised their price objective on Energy Vault from $5.00 to $6.00 and gave the stock a "buy" rating in a research report on Thursday, August 20th. Fundamental Research set a $8.03 price objective on Energy Vault and gave the stock a "buy" rating in a report on Tuesday, August 18th. Finally, Wall Street Zen lowered Energy Vault from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 15th. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $6.01.

Energy Vault Stock Performance

NYSE:NRGV opened at $3.41 on Tuesday. Energy Vault Holdings, Inc. has a 12-month low of $1.73 and a 12-month high of $6.64. The company has a quick ratio of 1.19, a current ratio of 1.19 and a debt-to-equity ratio of 24.07. The firm has a market capitalization of $620.07 million, a PE ratio of -5.17 and a beta of 1.21. The firm has a 50-day moving average price of $3.56 and a 200 day moving average price of $3.87.

Energy Vault (NYSE:NRGV - Get Free Report) last released 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 net margin of 48.58% and a negative return on equity of 236.83%. Research analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 earnings per share for the current fiscal year.

About Energy Vault

Energy Vault is a global energy storage technology company specializing in long-duration, gravity-based energy storage solutions. Founded in 2017 and headquartered in Lugano, Switzerland, the firm has developed a modular system that uses large composite blocks and a proprietary crane system to convert excess renewable energy into gravitational potential energy. When energy demand peaks, the system lowers the blocks to generate electricity through regenerative braking, offering a dispatchable, carbon-free alternative to traditional battery storage.

The company's flagship product line, EVx, integrates advanced materials science, software-driven controls and artificial intelligence to optimize charge and discharge cycles.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source