Energy Vault Holdings (NRGV – Research Report), the Utilities sector company, was revisited by a Wall Street analyst today. Analyst Brian K. Lee from Goldman Sachs maintained a Sell rating on the stock and has a $1.00 price target.
Brian K. Lee has given his Sell rating due to a combination of factors impacting Energy Vault Holdings. The company’s first-quarter results for the year 2024 fell short of expectations, failing to meet both revenue targets and adjusted EBITDA consensus estimates set by FactSet. This underperformance is a key concern for investors looking for stable and predictable financial outcomes. Additionally, the guidance provided during the company’s analyst day, which coincided with the earnings release, indicated weaker prospects for 2024 than initially anticipated.
Furthermore, while the company’s projections for 2025 suggest a more optimistic outcome, Lee views these expectations as potentially overly ambitious. The disparity between the current performance and future promises raises doubts about the company’s ability to deliver on its optimistic guidance. As a result, Lee has revised downward his 12-month price target for Energy Vault Holdings to $1 from the previous $1.50. This adjustment reflects the skepticism around the company’s short-term revenue and profitability prospects, thus meriting the Sell rating.
K. Lee covers the Technology sector, focusing on stocks such as Wolfspeed, Universal Display, and Sunnova Energy International. According to TipRanks, K. Lee has an average return of 3.1% and a 47.08% success rate on recommended stocks.
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Energy Vault Holdings (NRGV) Company Description:
Novus Capital Corp II is a blank check company. It is formed for the purpose of effectuating a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses.
