Energy Vault (NYSE:NRGV) Shares Down 6.8% - Time to Sell?

Key Points

• Energy Vault shares fell 6.8% to about $3.62, with trading volume 95% below the average session volume.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, one a Hold and two a Sell, producing a consensus Hold rating and an average price target of $6.01.
• The company missed quarterly EPS expectations, reporting a loss of $0.17 per share versus the expected $0.14 loss, despite revenue of $17.37 million exceeding estimates.

Shares of Energy Vault Holdings, Inc. (NYSE:NRGV - Get Free Report) were down 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.

Analyst Upgrades and Downgrades

NRGV has been the topic of several research reports. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $7.00 price target on shares of Energy Vault in a research note 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. Citigroup boosted their price objective 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. Fundamental Research set a $8.03 target price on shares of Energy Vault and gave the stock a "buy" rating in a report on Tuesday, August 18th. Finally, Zacks Research upgraded Energy Vault from a "strong sell" rating to a "hold" rating in a research note on Monday, July 6th. Four equities 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. According to MarketBeat.com, Energy Vault has a consensus rating of "Hold" and an average target price of $6.01.

Energy Vault Trading Down 7.1%

The company has a market capitalization of $655.53 million, a price-to-earnings ratio of -5.46 and a beta of 1.25. The company has a debt-to-equity ratio of 24.07, a quick ratio of 1.19 and a current ratio of 1.19. The firm has a fifty day moving average price of $3.80 and a 200-day moving average price of $4.02.

Energy Vault (NYSE:NRGV - Get Free Report) last announced 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). Energy Vault had a negative return on equity of 236.83% and a negative net margin of 48.58%.The company had revenue of $17.37 million for the quarter, compared to analyst estimates of $14.24 million. As a group, equities analysts anticipate that Energy Vault Holdings, Inc. will post -0.56 EPS for the current year.

Insider Activity at Energy Vault

In related news, Director Dylan Hixon acquired 27,472 shares of the stock in a transaction dated Monday, August 17th. The stock was purchased at an average cost of $3.88 per share, with a total value of $106,591.36. Following the completion of the purchase, the director directly owned 27,472 shares in the company, valued at $106,591.36. This trade represents a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Stephanie Unwin sold 115,000 shares of the company's stock in a transaction on Wednesday, August 26th. The stock was 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 of the company's stock, valued at approximately $676,128.95. The trade was a 38.69% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 17.20% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of NRGV. Bank of Nova Scotia boosted its position in shares of Energy Vault by 19.9% in the 1st quarter. Bank of Nova Scotia now owns 41,600 shares of the company's stock worth $137,000 after purchasing an additional 6,900 shares in the last quarter. Arizona State Retirement System boosted 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 purchasing an additional 9,186 shares during the last quarter. Forte Asset Management LLC bought a new stake in shares of Energy Vault in the first quarter worth $33,000. Quantbot Technologies LP purchased a new stake in shares of Energy Vault during the 2nd quarter valued at about $50,000. Finally, Hsbc Holdings PLC purchased a new position in shares of Energy Vault during the 2nd quarter worth $57,000. 40.03% of the stock is currently 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.

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.