Sunnova Energy International (NYSE:NOVA) Shares Gap Down Following Weak Earnings

Sunnova Energy International Inc. (NYSE:NOVA) shares gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $5.38, but opened at $5.03. Sunnova Energy International shares last traded at $5.01, with a volume of 2,096,608 shares changing hands.

The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The company had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative net margin of 45.76% and a negative return on equity of 8.85%. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period last year, the firm posted ($0.53) earnings per share.

Analyst Ratings Changes

Several brokerages have recently issued reports on NOVA. BMO Capital Markets upped their price target on shares of Sunnova Energy International from $9.00 to $10.00 and gave the stock a “market perform” rating in a report on Monday, October 14th. Royal Bank of Canada increased their target price on Sunnova Energy International from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Scotiabank boosted their price target on Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 6th. Citigroup dropped their price objective on shares of Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Finally, Guggenheim boosted their target price on shares of Sunnova Energy International from $7.00 to $10.00 and gave the stock a “buy” rating in a report on Friday, July 26th. Six research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, Sunnova Energy International presently has a consensus rating of “Moderate Buy” and an average target price of $12.11.

Insiders Place Their Bets

In other Sunnova Energy International news, insider William J. Berger sold 77,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.31, for a total transaction of $870,870.00. Following the transaction, the insider now directly owns 409,045 shares in the company, valued at approximately $4,626,298.95. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 4.50% of the stock is currently owned by corporate insiders.

Institutional Trading of Sunnova Energy International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in Sunnova Energy International by 2.1% in the fourth quarter. Vanguard Group Inc. now owns 10,486,392 shares of the company’s stock valued at $159,917,000 after acquiring an additional 215,905 shares during the period. First Trust Direct Indexing L.P. acquired a new stake in Sunnova Energy International in the 1st quarter valued at $66,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Sunnova Energy International by 7.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 102,766 shares of the company’s stock valued at $630,000 after purchasing an additional 6,751 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S raised its holdings in Sunnova Energy International by 129.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,788 shares of the company’s stock worth $72,000 after buying an additional 6,661 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its stake in shares of Sunnova Energy International by 100.5% in the first quarter. GSA Capital Partners LLP now owns 109,710 shares of the company’s stock valued at $673,000 after buying an additional 55,000 shares in the last quarter.

Sunnova Energy International Price Performance

The company has a debt-to-equity ratio of 3.11, a current ratio of 0.97 and a quick ratio of 0.97. The business’s fifty day moving average price is $8.80 and its 200-day moving average price is $6.85. The stock has a market capitalization of $757.92 million, a price-to-earnings ratio of -2.09 and a beta of 2.21.

About Sunnova Energy International

Sunnova Energy International Inc engages in the provision of 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 solar energy system and energy storage system diagnostics services.