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WESTLAKE VILLAGE, CA—Robert Piconi, the Chief Executive Officer of Energy Vault Holdings , Inc. (NYSE:NRGV), recently sold 2,806 shares of the company’s common stock, according to a filing with the Securities and Exchange Commission. The shares were sold at a price of approximately $1.6392 each, totaling $4,599. The transaction comes as the $257 million market cap company’s stock has shown significant volatility, with InvestingPro data showing a 106% surge over the past six months despite a recent three-month decline.
Following this transaction, Piconi retains direct ownership of 17,610,858 shares. 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. InvestingPro analysis reveals the company maintains strong liquidity with a current ratio of 1.87, though it faces profitability challenges.
The sale was executed to satisfy tax liabilities arising from the vesting of restricted stock units. Investors seeking deeper insights can access 12 additional exclusive ProTips and comprehensive financial analysis through InvestingPro’s detailed research report, one of 1,400+ available for top US stocks.
In other recent news, Energy Vault, the renewable energy storage firm, has reported a strong quarter with significant advancements. The company’s third-quarter earnings call highlighted a growth period featuring a substantial increase in revenue backlog, robust gross margins, and a decrease in operating expenses. Energy Vault also announced the completion of the world’s largest hybrid green hydrogen energy storage system in California and a new 1-gigawatt hour project in Australia.
Despite a net loss of $14.7 million, the company managed to improve by 5% from the previous quarter. Furthermore, the company’s cash and cash equivalents stood at $78 million as of September 30, 2024. Energy Vault is refining its Q4 revenue guidance to the lower end of the previous range, with a potential 200-megawatt-hour project announcement in Australia expected within the current quarter.
The company is transitioning to a build, own, and operate model with a focus on owning and operating storage assets to enhance shareholder value. With key projects in Italy, California, and Texas, Energy Vault anticipates a strong revenue ramp into 2025. These recent developments reflect the company’s commitment to innovation, operational efficiency, and expansion into new markets.
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