Nuvve Corporation (NASDAQ: NVVE) encountered a mixed reaction from analysts following a recent earnings report and insider transactions. On October 8, 2023, Weiss Ratings reaffirmed a “sell (e+)” rating for the company, while Wall Street Zen upgraded its rating to “hold” on October 7, 2023. This divergence reflects the ongoing uncertainty surrounding Nuvve’s financial performance and market position.
On November 13, 2023, Nuvve released its quarterly earnings, reporting a loss of $9.60 in earnings per share (EPS) alongside revenues of $1.60 million. The results have contributed to a prevailing average rating of “sell” for the stock, as noted by MarketBeat.com. Currently, one investment analyst has designated Nuvve with a sell rating, highlighting the cautious sentiment in the investment community.
Insider Trading Activity
In a notable insider transaction, CEO Gregory Poilasne sold 2,500 shares of Nuvve on November 26, 2023. The shares were sold at an average price of $10.80, resulting in a total transaction amount of $27,000. Following this sale, Poilasne retains 38,911 shares valued at approximately $420,238.80, marking a 6.04% decrease in his holdings. This transaction was disclosed in a legal filing with the U.S. Securities and Exchange Commission (SEC).
Over the past 90 days, Nuvve insiders have sold a total of 8,150 shares, valued at $73,680. Currently, corporate insiders hold 17.50% of the company’s stock, which reflects a significant level of insider activity amid the company’s fluctuating stock performance.
Institutional Investment Trends
Recent movements among institutional investors have also shaped Nuvve’s financial landscape. Citadel Advisors LLC, PFG Investments LLC, and Heritage Investors Management Corp have all acquired new positions in Nuvve during the third quarter of 2023. Citadel Advisors invested approximately $29,000, while PFG Investments and Heritage Investors contributed about $41,000 and $95,000, respectively. Institutional investors now collectively own 19.01% of Nuvve’s stock.
About Nuvve Corporation
Founded in 2010 and based in Newark, California, Nuvve Corporation specializes in clean energy technology, particularly focusing on vehicle-to-grid (V2G) solutions. Its proprietary Grid Integrated Vehicle (GIVe) software platform allows electric vehicles to function as distributed energy resources. This technology enables the aggregation of electric vehicle batteries into a virtual power plant, providing essential grid services such as frequency regulation and demand response.
As Nuvve navigates the complexities of the clean energy sector, its stock performance and insider activities will continue to attract scrutiny from both analysts and investors.
