Sunnova Energy International Inc. (NYSE:NOVA – Get Free Report) shares dropped 5.7% on Friday after JPMorgan Chase & Co. lowered their price target on the stock from $32.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sunnova Energy International traded as low as $12.79 and last traded at $12.80. Approximately 2,523,249 shares traded hands during mid-day trading, a decline of 37% from the average daily volume of 4,000,736 shares. The stock had previously closed at $13.58.
Several other equities research analysts also recently issued reports on the stock. Barclays increased their price objective on shares of Sunnova Energy International from $27.00 to $29.00 in a research report on Thursday, July 13th. BMO Capital Markets dropped their price target on Sunnova Energy International from $25.00 to $21.00 in a research note on Monday, July 31st. Guggenheim reduced their price objective on Sunnova Energy International from $63.00 to $30.00 and set a “buy” rating for the company in a research report on Tuesday, August 8th. Bank of America lifted their target price on Sunnova Energy International from $25.00 to $27.00 in a research report on Wednesday, July 19th. Finally, Morgan Stanley cut their target price on Sunnova Energy International from $42.00 to $38.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 6th. Five analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $31.79.
Insider Buying and Selling at Sunnova Energy International
In other Sunnova Energy International news, insider William J. Berger sold 47,150 shares of the firm’s stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $17.86, for a total transaction of $842,099.00. Following the transaction, the insider now owns 365,222 shares in the company, valued at approximately $6,522,864.92. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 4.20% of the company’s stock.
Institutional Investors Weigh In On Sunnova Energy International
Several institutional investors and hedge funds have recently added to or reduced their stakes in NOVA. Virginia Retirement Systems ET AL acquired a new position in Sunnova Energy International during the second quarter worth about $207,000. XTX Topco Ltd bought a new position in Sunnova Energy International in the 2nd quarter valued at approximately $297,000. Point72 Europe London LLP bought a new position in Sunnova Energy International in the 2nd quarter valued at approximately $2,367,000. Rockefeller Capital Management L.P. boosted its position in Sunnova Energy International by 1.5% in the second quarter. Rockefeller Capital Management L.P. now owns 223,284 shares of the company’s stock valued at $4,088,000 after buying an additional 3,408 shares in the last quarter. Finally, Seven Eight Capital LP grew its stake in shares of Sunnova Energy International by 67.5% during the second quarter. Seven Eight Capital LP now owns 167,484 shares of the company’s stock worth $3,067,000 after buying an additional 67,491 shares during the last quarter.
Sunnova Energy International Stock Down 5.3 %
The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 3.24. The company has a market capitalization of $1.50 billion, a P/E ratio of -5.94 and a beta of 2.06. The stock has a 50 day moving average price of $16.44 and a 200 day moving average price of $16.57.
Sunnova Energy International (NYSE:NOVA – Get Free Report) last posted its earnings results on Wednesday, July 26th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.37). The business had revenue of $166.38 million for the quarter, compared to analyst estimates of $195.53 million. Sunnova Energy International had a negative return on equity of 15.78% and a negative net margin of 37.16%. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.32) earnings per share. On average, research analysts anticipate that Sunnova Energy International Inc. will post -1.7 earnings per share for the current fiscal year.
Sunnova Energy International Company Profile
Sunnova Energy International Inc provides energy as a service 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, 2022, it operated a fleet of residential solar energy systems with a generation capacity of approximately 1,627 megawatts serving over 279,000 customers.
