Energy Vault (NYSE:NRGV) Releases Quarterly Earnings Results, Misses Expectations By $0.03 EPS

Energy Vault (NYSE:NRGV) announced its quarterly earnings results on Tuesday. The company reported ($0.18) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.03), Zacks reports. The firm had revenue of $1.20 million during the quarter, compared to analysts’ expectations of $4.80 million. Energy Vault had a negative return on equity of 47.41% and a negative net margin of 73.37%. During the same period in the previous year, the company posted ($0.13) earnings per share.

Energy Vault Stock Performance

Shares of NYSE NRGV traded down $0.12 during trading on Friday, reaching $1.55. 436,829 shares of the company traded hands, compared to its average volume of 839,138. The firm has a 50 day simple moving average of $1.32 and a 200-day simple moving average of $1.18. Energy Vault has a 52-week low of $0.78 and a 52-week high of $2.69.

Wall Street Analyst Weigh In

NRGV has been the topic of several recent analyst reports. TD Cowen reiterated a “buy” rating and issued a $2.50 target price on shares of Energy Vault in a research note on Wednesday. Roth Mkm dropped their price objective on Energy Vault from $2.50 to $2.00 and set a “buy” rating for the company in a research note on Thursday, August 8th. Two research analysts have rated the stock with a sell rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $1.95.

Energy Vault Company 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.