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Sunnova Energy International (NYSE:NOVA) Trading Down 4.2%

Financial News Live · Sep 28, 2022 12:52

Sunnova Energy International Inc. (NYSE:NOVA – Get Rating) shares dropped 4.2% during mid-day trading on Wednesday . The stock traded as low as $22.96 and last traded at $23.08. Approximately 47,460 shares were traded during mid-day trading, a decline of 98% from the average daily volume of 2,506,207 shares. The stock had previously closed at $24.10.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on NOVA shares. The Goldman Sachs Group downgraded Sunnova Energy International from a "buy" rating to a "neutral" rating and cut their target price for the company from $31.00 to $24.00 in a research report on Monday, June 20th. Barclays began coverage on Sunnova Energy International in a report on Friday, August 5th. They issued an "overweight" rating and a $35.00 target price on the stock. Piper Sandler lowered Sunnova Energy International from an "overweight" rating to a "neutral" rating and dropped their target price for the company from $27.00 to $23.00 in a report on Tuesday, July 19th. JPMorgan Chase & Co. lifted their price target on Sunnova Energy International from $43.00 to $54.00 and gave the company an "overweight" rating in a research report on Monday, August 8th. Finally, B. Riley lifted their price target on Sunnova Energy International from $26.00 to $35.00 in a research note on Friday, July 29th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $39.14.

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Sunnova Energy International Stock Performance

The firm has a market capitalization of $2.76 billion, a P/E ratio of -23.23 and a beta of 2.30. The stock has a fifty day simple moving average of $25.42 and a two-hundred day simple moving average of $21.95. The company has a debt-to-equity ratio of 2.45, a current ratio of 1.73 and a quick ratio of 1.73.

Sunnova Energy International (NYSE:NOVA – Get Rating) last announced its earnings results on Wednesday, July 27th. The company reported ($0.32) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.32). The business had revenue of $147.01 million during the quarter, compared to analyst estimates of $86.90 million. Sunnova Energy International had a negative return on equity of 8.70% and a negative net margin of 32.41%. The company's revenue for the quarter was up 120.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.42) earnings per share. On average, research analysts predict that Sunnova Energy International Inc. will post -1.27 EPS for the current year.

Insider Buying and Selling at Sunnova Energy International

In other Sunnova Energy International news, insider Kelsey Hultberg sold 2,000 shares of the firm's stock in a transaction dated Friday, August 5th. The shares were sold at an average price of $28.00, for a total transaction of $56,000.00. Following the transaction, the insider now owns 15,493 shares of the company's stock, valued at approximately $433,804. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, insider Meghan Nutting sold 2,999 shares of the business's stock in a transaction that occurred on Monday, August 1st. The stock was sold at an average price of $24.51, for a total value of $73,505.49. Following the completion of the transaction, the insider now directly owns 38,690 shares in the company, valued at approximately $948,291.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kelsey Hultberg sold 2,000 shares of the stock in a transaction that occurred on Friday, August 5th. The shares were sold at an average price of $28.00, for a total value of $56,000.00. Following the completion of the sale, the insider now directly owns 15,493 shares of the company's stock, valued at approximately $433,804. The disclosure for this sale can be found here. Insiders have sold 154,999 shares of company stock valued at $4,635,505 over the last quarter. Corporate insiders own 4.20% of the company's stock.

Institutional Investors Weigh In On Sunnova Energy International

Hedge funds have recently added to or reduced their stakes in the business. Summit Partners Public Asset Management LLC boosted its holdings in Sunnova Energy International by 8,193.0% during the 1st quarter. Summit Partners Public Asset Management LLC now owns 1,717,822 shares of the company's stock valued at $39,613,000 after acquiring an additional 1,697,108 shares during the period. Phoenix Holdings Ltd. purchased a new position in shares of Sunnova Energy International in the 1st quarter worth $25,390,000. Handelsbanken Fonder AB lifted its position in Sunnova Energy International by 24.2% during the first quarter. Handelsbanken Fonder AB now owns 4,999,620 shares of the company's stock valued at $115,291,000 after purchasing an additional 973,966 shares in the last quarter. CIBC Private Wealth Group LLC lifted its position in Sunnova Energy International by 130.8% during the second quarter. CIBC Private Wealth Group LLC now owns 1,500,000 shares of the company's stock valued at $27,645,000 after purchasing an additional 849,956 shares in the last quarter. Finally, Marshall Wace LLP raised its holdings in Sunnova Energy International by 1,804.9% during the fourth quarter. Marshall Wace LLP now owns 631,941 shares of the company's stock valued at $17,644,000 after acquiring an additional 598,766 shares during the period.

About Sunnova Energy International

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Sunnova Energy International Inc provides residential energy services in the United States. The company offers electricity, as well as offers operations and maintenance, monitoring, repairs and replacements, equipment upgrades, on-site power optimization, and diagnostics services. As of December 31, 2021, it operated a fleet of residential solar energy systems with a generation capacity of approximately 1,140 megawatts serving over 195,000 customers.