The Manufacturers Life Insurance Company Acquires New Holdings in Energy Vault Holdings, Inc. (NYSE:NRGV)

The Manufacturers Life Insurance Company bought a new position in shares of Energy Vault Holdings, Inc. (NYSE:NRGV) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 39,295 shares of the company’s stock, valued at approximately $90,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Truist Financial Corp acquired a new position in Energy Vault during the fourth quarter worth approximately $27,000. Virtu Financial LLC acquired a new stake in shares of Energy Vault during the 4th quarter worth $27,000. Atala Financial Inc acquired a new stake in shares of Energy Vault during the 4th quarter worth $31,000. PFG Investments LLC purchased a new position in shares of Energy Vault in the 4th quarter worth $42,000. Finally, XTX Topco Ltd purchased a new stake in Energy Vault during the fourth quarter valued at about $46,000. Hedge funds and other institutional investors own 40.03% of the company’s stock.

Wall Street Analysts Forecast Growth

NRGV has been the topic of several research reports. Roth Mkm cut their price target on shares of Energy Vault from $2.50 to $1.50 and set a “buy” rating on the stock in a report on Thursday, March 20th. The Goldman Sachs Group cut their target price on shares of Energy Vault from $1.00 to $0.75 and set a “sell” rating on the stock in a research note on Wednesday, March 19th. Finally, TD Cowen decreased their price target on shares of Energy Vault from $2.50 to $2.00 and set a “buy” rating for the company in a research report on Tuesday, March 18th.

Insider Buying and Selling

In other Energy Vault news, CEO Robert Piconi sold 40,277 shares of Energy Vault stock in a transaction on Friday, May 16th. The shares were sold at an average price of $0.94, for a total transaction of $37,860.38. Following the completion of the sale, the chief executive officer now owns 20,053,987 shares of the company’s stock, valued at $18,850,747.78. This trade represents a 0.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Akshay Ladwa sold 57,033 shares of the business’s stock in a transaction on Tuesday, April 29th. The shares were sold at an average price of $0.71, for a total transaction of $40,493.43. Following the transaction, the insider now owns 2,213,618 shares in the company, valued at approximately $1,571,668.78. This represents a 2.51% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 182,938 shares of company stock valued at $139,150. 15.40% of the stock is owned by corporate insiders.

Energy Vault Price Performance

Energy Vault stock opened at $0.89 on Tuesday. The stock has a market capitalization of $136.51 million, a PE ratio of -1.36 and a beta of 0.72. Energy Vault Holdings, Inc. has a 12-month low of $0.60 and a 12-month high of $2.70. The firm has a 50 day simple moving average of $0.80 and a 200-day simple moving average of $1.44.

Energy Vault (NYSE:NRGV) last announced its quarterly earnings data on Monday, May 12th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.05. The company had revenue of $8.53 million for the quarter, compared to analysts’ expectations of $25.04 million. Energy Vault had a negative net margin of 73.37% and a negative return on equity of 47.41%. On average, analysts forecast that Energy Vault Holdings, Inc. will post -0.64 earnings per share for the current fiscal year.

Energy Vault Profile

Energy Vault Holdings, Inc develops and sells energy storage solutions. The company offers B-Vault, an electrochemical battery energy storage systems for shorter-duration energy storage needs; G-Vault, a proprietary gravity energy storage solution, including EVx solution; and H-Vault, a hybrid energy storage systems including systems that integrate green hydrogen.