Energy Vault Holdings, Inc. $NRGV Stock Sold by Renaissance Technologies LLC

Renaissance Technologies LLC reduced its position in shares of Energy Vault Holdings, Inc. (NYSE:NRGV) by 77.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,495 shares of the company’s stock after selling 326,305 shares during the period. Renaissance Technologies LLC owned approximately 0.05% of Energy Vault worth $312,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the company. Forte Asset Management LLC purchased a new position in Energy Vault in the first quarter worth $33,000. Calamos Advisors LLC purchased a new position in Energy Vault in the first quarter worth $48,000. Miller Howard Investments Inc. NY purchased a new position in Energy Vault in the first quarter worth $51,000. Walleye Capital LLC purchased a new position in Energy Vault in the first quarter worth $58,000. Finally, SG Americas Securities LLC purchased a new stake in Energy Vault during the first quarter valued at about $64,000. 40.03% of the stock is currently owned by hedge funds and other institutional investors.

Energy Vault Stock Performance

NYSE NRGV traded down $0.17 during mid-day trading on Monday, reaching $3.78. 684,267 shares of the stock were exchanged, compared to its average volume of 4,493,698. The business’s 50 day moving average is $3.76 and its 200-day moving average is $4.02. Energy Vault Holdings, Inc. has a 1 year low of $2.50 and a 1 year high of $6.64. The company has a market capitalization of $686.45 million, a P/E ratio of -5.73 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.

Energy Vault (NYSE:NRGV) last posted 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 return on equity of 236.83% and a negative net margin of 48.58%. On average, equities research analysts forecast that Energy Vault Holdings, Inc. will post -0.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on NRGV shares. Cantor Fitzgerald restated an “overweight” rating and set a $7.00 price target on shares of Energy Vault in a research report on Wednesday, August 12th. 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. Wall Street Zen downgraded shares of Energy Vault from a “sell” rating to a “strong sell” rating in a research note on Saturday, August 15th. Roth Capital reissued a “buy” rating and issued a $7.00 price target (up from $5.00) on shares of Energy Vault in a research note on Wednesday, August 12th. Finally, Zacks Research raised shares of Energy Vault from a “strong sell” rating to a “hold” rating in a research note on Monday, July 6th. Four investment 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. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $6.01.

Insiders Place Their Bets

In other Energy Vault news, Director Stephanie Unwin sold 115,000 shares of the company’s stock in a transaction on 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 transaction, the director directly 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. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Dylan Hixon acquired 85,518 shares of Energy Vault stock in a transaction on Friday, August 14th. The shares were bought at an average price of $3.74 per share, with a total value of $319,837.32. Following the completion of the transaction, the director directly owned 1,103,185 shares of the company’s stock, valued at $4,125,911.90. This trade represents a 8.40% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 17.20% of the company’s stock.

Energy Vault Profile

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.