Chardan double downgrades Energy Vault on inverted sales trajectory

Chardan late Friday double downgraded Energy Vault to Sell from Buy with a price target of 75c, down from $7. The analyst expects Street estimates to decline 65% in the coming weeks ahead of a proposed analyst day next month. Following Energy Vault’s quarterly report, “substantial confusion permeates sell-side estimates,” the analyst tells investors in a research note. The firm thinks many covering analysts will reduce Q1 estimates and substantially lower 2024 outlooks, which could result in an inverted revenue trajectory for this year.