Energy Vault Holdings, Inc. $NRGV Shares Bought by Bank of America Corp DE

Key Points

• Bank of America increased its Energy Vault stake by 349.6% in the first quarter, purchasing 517,528 additional shares to hold 665,546 shares valued at approximately $2.2 million. Institutional investors and hedge funds collectively own 40.03% of NRGV.
• Analyst sentiment remains mixed: Citigroup and Roth Capital raised their price targets and maintained Buy ratings, while the overall consensus is Hold with an average price target of $6.01.
• Energy Vault reported quarterly revenue of $17.37 million, exceeding estimates, but its adjusted loss of $0.17 per share missed expectations. Shares opened at $3.27, while the company continues to report significant losses and negative profitability metrics.

Bank of America Corp DE raised its holdings in Energy Vault Holdings, Inc. (NYSE:NRGV - Free Report) by 349.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 665,546 shares of the company's stock after purchasing an additional 517,528 shares during the period. Bank of America Corp DE owned 0.38% of Energy Vault worth $2,196,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Forte Asset Management LLC acquired a new position in shares of Energy Vault during the 1st quarter valued at about $33,000. Kovack Advisors Inc. acquired a new stake in shares of Energy Vault in the fourth quarter worth approximately $49,000. Hsbc Holdings PLC acquired a new stake in shares of Energy Vault in the fourth quarter worth approximately $53,000. Mercer Global Advisors Inc. ADV purchased a new stake in Energy Vault in the third quarter valued at approximately $36,000. Finally, Twinbeech Capital LP acquired a new position in Energy Vault during the fourth quarter worth approximately $66,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Energy Vault

In related news, Director Dylan Hixon bought 27,472 shares of the firm's stock in a transaction that occurred on Monday, August 17th. The stock was purchased at an average price of $3.88 per share, for a total transaction of $106,591.36. Following the transaction, the director directly owned 27,472 shares of the company's stock, valued at approximately $106,591.36. This represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Michael Thomas Beer sold 65,000 shares of the business'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 sale, the chief financial officer owned 1,021,806 shares in the company, valued at $4,168,968.48. This trade represents a 5.98% 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 company insiders.

Analysts Set New Price Targets

A number of analysts recently issued reports on NRGV shares. Zacks Research raised shares of Energy Vault from a "strong sell" rating to a "hold" rating in a research report on Monday, July 6th. Citigroup lifted their price target on shares of Energy Vault from $5.00 to $6.00 and gave the company a "buy" rating in a research report on Thursday, August 20th. 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. Roth Capital reissued 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. Finally, Fundamental Research set a $8.03 target price on shares of Energy Vault and gave the company a "buy" rating in a research note on Tuesday, August 18th. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, Energy Vault presently has a consensus rating of "Hold" and an average price target of $6.01.

Energy Vault Stock Down 3.8%

Shares of NYSE:NRGV opened at $3.27 on Wednesday. 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 has a fifty day simple moving average of $3.54 and a 200 day simple moving average of $3.86. Energy Vault Holdings, Inc. has a 12-month low of $1.73 and a 12-month high of $6.64. The firm has a market cap of $594.62 million, a PE ratio of -4.95 and a beta of 1.23.

Energy Vault (NYSE:NRGV - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported ($0.17) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.03). The firm 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%. On average, equities research analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Energy Vault Company Profile

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.

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