Nuvve (NASDAQ:NVVE) Posts Quarterly Earnings Results, Beats Expectations By $1,917.26 EPS

Nuvve (NASDAQ:NVVE) issued its earnings results on Tuesday. The company reported ($2.74) EPS for the quarter, beating analysts’ consensus estimates of ($1,920.00) by $1,917.26, Zacks reports. The firm had revenue of $1.95 million during the quarter, compared to the consensus estimate of $1.90 million.

Here are the key takeaways from Nuvve’s conference call:

• Management has pivoted to stationary batteries and announced a transformative partnership with OMNIA Global, giving Nuvve access to a >1 GW European pipeline and three announced projects totaling 150 MW that the company intends to own, which management says could produce substantial upside.
• A one-time inventory impairment of $3.47 million for nonconforming DC chargers drove Q4 net loss to $6.1 million, materially reduced inventories, and the company’s backlog fell to $3.3 million after the Fresno project termination.
• Nuvve formed Nuvve Japan, sold a 2 MW / 8 MWh battery for $3.35 million (with ~ $1 million down), was selected as aggregator for another 2 MW project, and says its Japan pipeline is similar in size to Europe over a longer 36–48 month timeline.
• Management highlighted meaningful cost reductions and margin improvement—Q4 cash operating expenses fell to $2.0 million and product/service margins improved—and is rolling out AI across forecasting, project management, sales and finance to scale the business and lower costs.

Nuvve Stock Down 13.3%

Shares of NASDAQ NVVE opened at $0.58 on Thursday. The company has a market capitalization of $645,232.00, a PE ratio of -0.00 and a beta of 1.97. The stock’s 50 day moving average price is $1.21 and its 200-day moving average price is $5.16. Nuvve has a twelve month low of $0.56 and a twelve month high of $142.00.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on NVVE shares. Weiss Ratings reiterated a “sell (e+)” rating on shares of Nuvve in a report on Thursday, January 22nd. Wall Street Zen lowered shares of Nuvve from a “hold” rating to a “sell” rating in a research note on Saturday, January 3rd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, Nuvve has a consensus rating of “Sell”.

Institutional Trading of Nuvve

An institutional investor recently bought a new position in Nuvve stock. Citadel Advisors LLC bought a new stake in shares of Nuvve Holding Corp. (NASDAQ:NVVE) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 121,849 shares of the company’s stock, valued at approximately $29,000. Citadel Advisors LLC owned about 0.60% of Nuvve at the end of the most recent reporting period. 19.01% of the stock is owned by institutional investors and hedge funds.

Nuvve Company Profile

Nuvve Corporation is a clean energy technology company specializing in vehicle-to-grid (V2G) solutions that enable electric vehicles to serve as distributed energy resources. Through its proprietary Grid Integrated Vehicle (GIVe) software platform, Nuvve aggregates electric vehicle batteries into a virtual power plant to provide grid services such as frequency regulation, peak shaving and demand response. The company’s technology supports bidirectional charging hardware and integrates with public charging networks, fleet vehicles and stationary energy storage systems.

Founded in 2010 and headquartered in Newark, California, Nuvve began as the Nevada Electric Vehicle Accelerator before rebranding to reflect its expanded global mission.