WESTLAKE VILLAGE, Calif.—Robert Piconi, the Chief Executive Officer of Energy Vault Holdings, Inc. (NYSE:NRGV), has acquired a significant amount of the company's common stock. According to a recent SEC filing, Piconi purchased 150,000 shares on November 22, 2024, at an average price of $1.5686 per share, amounting to a total value of approximately $235,290.
Following this transaction, Piconi now directly owns 17,623,361 shares of Energy Vault. Additionally, he holds indirect ownership of 4,307,946 shares through the Piconi 2021 Delaware Trust and the Piconi Family 2021 Delaware Trust, where he serves as the investment advisor.
This purchase reflects Piconi's continued confidence in Energy Vault, a company known for its innovative solutions in energy storage.
In other recent news, Energy Vault, the renewable energy storage solutions company, has reported a strong quarter with significant strategic advancements. The company has seen a significant increase in revenue backlog, robust gross margins, and a decrease in operating expenses. Noteworthy developments include the completion of the world's largest hybrid green hydrogen energy storage system in California, a new project in New South Wales, and advancements in gravity energy storage technology.
Energy Vault also announced the expansion in Australia with a new 1-gigawatt hour project. Despite an overall positive performance, the company reported a net loss of $14.7 million, showing a 5% improvement from the previous quarter. However, the company's cash and cash equivalents stood at $78 million as of September 30, 2024.
The company is refining its Q4 revenue guidance to the lower end of the previous range, with visibility into achieving this target. Looking ahead, Energy Vault is focusing on owning and operating storage assets to optimize costs and enhance returns for shareholders. The company anticipates a strong revenue ramp into 2025, with key projects in Italy, California, and Texas.
InvestingPro Insights
Robert Piconi's recent purchase of Energy Vault Holdings, Inc. (NYSE:NRGV) shares aligns with several key insights from InvestingPro. The company has shown a significant return over the last week, with a 9.66% price total return, and a strong performance over the last three months, boasting a 47.22% price total return. These metrics suggest a positive short-term momentum that may have influenced Piconi's decision to increase his stake.
Despite these recent gains, InvestingPro Tips indicate that NRGV's stock price has fallen significantly over the last five years, and analysts anticipate a sales decline in the current year. The company's revenue growth for the last twelve months as of Q3 2024 was -59.53%, confirming this challenging trend.
On the financial health front, Energy Vault holds more cash than debt on its balance sheet, and its liquid assets exceed short-term obligations. This solid financial position could provide the company with flexibility to navigate through the anticipated sales decline and support future growth initiatives.
It's worth noting that NRGV is not currently profitable, with a negative P/E ratio of -2.55 for the last twelve months as of Q3 2024. The company also does not pay a dividend to shareholders, which is common for growth-oriented firms reinvesting in their operations.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for Energy Vault Holdings, providing a deeper understanding of the company's financial position and market performance.
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