EnergyVault (NYSE:NRGV) Is Trading Down 7.1% After Analyst Downgrade

EnergyVault Holdings, Inc. (NYSE: NRGV – Get Rating ) share price was down 7.1% during trading on Wednesday, after Cowen cut its price target on the stock to $9.00. The stock traded as low as $3.56 and last traded at $3.66. Around 8,448 shares were traded during the trading session, a drop of 99% from the average daily volume of 785,116 shares. The stock had previously closed at $3.94.

Other equity research analysts have also issued research reports about the company. Cowen decreased its target price on EnergyVault from $18.00 to $11.50 in a research note on Tuesday, August 9. Guggenheim cut its target price on Energy Vault from $10.00 to $7.00 in a research note on Tuesday. Finally, Goldman Sachs Group cut its target price on EnergyVault from $4.50 to $3.00 and set a “sell” rating on the stock in a research note on Wednesday. One analyst has rated the stock with Sell rating and four have issued Buy rating to the stock. EnergyVault currently has a consensus rating of “Moderate Buy” and an average price target of $10.42, according to MarketBeat data.

Insider Buying and Selling at EnergyVault

In other news, CEO Robert Picconi acquired 9,400 shares of the company’s stock in a transaction on Tuesday, Aug. 23. The stock was acquired at an average cost of $5.22 per share, for a total transaction of $49,068.00. Following the acquisition, the CEO now directly owns 6,327,742 shares in the company, valued at approximately $33,030,813.24. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director William Gross sold 16,250 shares of the stock in a transaction on Monday, Oct 10. The stock was sold at an average price of $5.46 for a total value of $88,725.00. Following completion of the sale, the director now directly owns 1,639,747 shares in the company, valued at approximately $8,953,018.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Additionally, CEO Robert Piconi bought 9,400 shares of the stock in a transaction that took place on Tuesday, August 23rd. The stock was purchased at an average price of $5.22 per share with a total value of $49,068.00. Following the completion of the acquisition, the chief executive officer now holds 6,327,742 shares in the company, valued at approximately $33,030,813.24. Disclosure for this purchase can be found here. In the past three months, insiders sold 128,750 shares of company stock valued at $563,475. Insiders hold 26.80% of the company’s shares.

Institutional Trading of Energy Vault

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Several large investors have increased or decreased their stake in NRGV recently. Pencera Capital Management LLC purchased a new position in EnergyVault in the first quarter worth approximately $57,000. StrsOhio purchased a new position in Energy Vault in the second quarter valued at approximately $59,000. Covington Capital Management purchased a new position in Energy Vault in the third quarter valued at approximately $35,000. Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in Energy Vault in the third quarter valued at approximately $47,000. Finally, Allspring Global Investments Holdings LLC purchased a new position in Energy Vault in the third quarter valued at approximately $51,000. 29.83% of the stock is currently owned by institutional investors and hedge funds.

Energy Vault Price Display

The business’s 50-day simple moving average is $4.33 and its two-hundred-day simple moving average is $7.10.

About Energy Vault

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Energy Vault Holdings, Inc. develops and sells energy storage solutions. Company offers gravity-based storage systems, including the EVx platform, a scalable, modular product line to meet short-term grid resilience needs ranging from 40-MW hours to multi-gigawatt hours ; the Energy Vault Resilience Center, a scalable, gigawatt hour scale product line designed to address grid resilience needs for managing energy disruptive climate events; and Energy Vault solutions.

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