Sunnova Energy International (NYSE:NOVA) Cut to “Hold” at Wolfe Research

Wolfe Research lowered shares of Sunnova Energy International (NYSE:NOVA) from a strong-buy rating to a hold rating in a research report released on Monday morning, Zacks.com reports.

Other equities analysts have also issued reports about the company. BMO Capital Markets restated a “market perform” rating and set a $8.00 price target (down from $10.00) on shares of Sunnova Energy International in a research note on Friday, November 1st. Piper Sandler boosted their price target on Sunnova Energy International from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Truist Financial boosted their price target on Sunnova Energy International from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Jefferies Financial Group started coverage on Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective on the stock. Finally, Citigroup decreased their price objective on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. Eight analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Sunnova Energy International Price Performance

NYSE NOVA opened at $3.42 on Monday. Sunnova Energy International has a fifty-two week low of $3.25 and a fifty-two week high of $16.35. The stock’s 50-day moving average is $8.51 and its two-hundred day moving average is $6.95. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market cap of $426.70 million, a P/E ratio of -1.02 and a beta of 2.26.

Sunnova Energy International (NYSE:NOVA) last posted its earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing the consensus estimate of ($0.53) by ($0.45). Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The company had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. During the same quarter last year, the business earned ($0.53) earnings per share. Sunnova Energy International’s quarterly revenue was up 18.6% on a year-over-year basis. On average, analysts anticipate that Sunnova Energy International will post -2.27 earnings per share for the current fiscal year.

Insider Activity at Sunnova Energy International

In related news, insider William J. Berger sold 77,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.31, for a total value of $870,870.00. Following the completion of the sale, the insider now directly owns 409,045 shares in the company, valued at approximately $4,626,298.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 4.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. International Assets Investment Management LLC boosted its position in shares of Sunnova Energy International by 37,400.0% during the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock worth $308,000 after acquiring an additional 2,992 shares in the last quarter. GAMMA Investing LLC boosted its position in Sunnova Energy International by 736.3% in the third quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock valued at $85,000 after buying an additional 7,709 shares in the last quarter. Peoples Bank KS acquired a new stake in Sunnova Energy International in the second quarter valued at approximately $56,000. Caxton Associates LP acquired a new stake in Sunnova Energy International in the first quarter valued at approximately $62,000. Finally, First Trust Direct Indexing L.P. acquired a new stake in Sunnova Energy International in the first quarter valued at approximately $66,000.

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.