Energy Vault Holdings (NRGV – Research Report), the Utilities sector company, was revisited by a Wall Street analyst today. Analyst Thomas Boyes from TD Cowen maintained a Buy rating on the stock and has a $2.00 price target.
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Thomas Boyes has given his Buy rating due to a combination of factors that highlight Energy Vault Holdings’ strategic advancements and financial prospects. The company’s “Own & Operate” strategy is showing promising results, with two projects nearing commercial operation and another advancing towards construction, providing visibility to approximately $30 million in annual recurring EBITDA. Additionally, Energy Vault has successfully secured $28 million in project financing for the Calistoga project, which strengthens its balance sheet.
Moreover, the company’s backlog has grown significantly by around 49% since the beginning of the year, reaching 2.6 GWh or $648 million, and its FY25 revenue guidance remains robust with 80% covered by contracted projects. Energy Vault is also expected to maintain a healthy cash balance between $60 million and $70 million by the end of the third quarter of 2025, supported by its project financing activities. Despite some challenges, such as lower-than-expected revenue in the first quarter of 2025, the company’s strategic initiatives and financial outlook underpin Boyes’s positive assessment.
Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of NRGV in relation to earlier this year.