Sunnova Energy International (NYSE:NOVA) Shares Gap Down Following Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA)’s share price gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $8.00 to $4.00. The stock had previously closed at $4.51, but opened at $4.23. Wells Fargo & Company currently has an equal weight rating on the stock. Sunnova Energy International shares last traded at $4.06, with a volume of 1,379,484 shares changing hands.

Other analysts have also issued research reports about the company. Piper Sandler lowered their target price on Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a report on Friday, November 22nd. Robert W. Baird lowered their price objective on shares of Sunnova Energy International from $12.00 to $9.00 and set an “outperform” rating on the stock in a research note on Wednesday, December 18th. Jefferies Financial Group started coverage on shares of Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 target price for the company. Morgan Stanley reduced their price target on shares of Sunnova Energy International from $12.00 to $6.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. Finally, Barclays dropped their price objective on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $10.01.

Insiders Place Their Bets

In other news, Director Akbar Mohamed acquired 50,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was acquired at an average cost of $3.64 per share, for a total transaction of $182,000.00. Following the acquisition, the director now directly owns 352,654 shares in the company, valued at approximately $1,283,660.56. This represents a 16.52 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Eric Michael Williams purchased 13,800 shares of the stock in a transaction on Monday, November 18th. The shares were purchased at an average cost of $3.60 per share, with a total value of $49,680.00. Following the transaction, the chief financial officer now owns 13,800 shares of the company’s stock, valued at $49,680. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders have acquired 118,517 shares of company stock valued at $439,605. Insiders own 4.50% of the company’s stock.

Institutional Trading of Sunnova Energy International

Institutional investors and hedge funds have recently bought and sold shares of the business. DRW Securities LLC purchased a new position in Sunnova Energy International in the third quarter valued at about $989,000. Erste Asset Management GmbH purchased a new stake in shares of Sunnova Energy International during the 3rd quarter valued at about $76,550,000. Handelsbanken Fonder AB lifted its position in Sunnova Energy International by 9.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock worth $71,097,000 after acquiring an additional 611,452 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Sunnova Energy International by 190.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 744,686 shares of the company’s stock worth $7,253,000 after acquiring an additional 488,623 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund grew its position in Sunnova Energy International by 23.4% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 357,781 shares of the company’s stock valued at $1,996,000 after acquiring an additional 67,749 shares in the last quarter.

Sunnova Energy International Price Performance

The company has a market cap of $489.82 million, a price-to-earnings ratio of -1.17 and a beta of 2.29. The company’s 50-day simple moving average is $4.30 and its 200-day simple moving average is $6.75. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last released its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The firm had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The business’s quarterly revenue was up 18.6% on a year-over-year basis. During the same period last year, the firm earned ($0.53) EPS. On average, equities research analysts anticipate that Sunnova Energy International Inc. will post -2.44 EPS for the current year.

Sunnova Energy International Company Profile

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.