The Goldman Sachs Group Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $11.00

Sunnova Energy International (NYSE:NOVA) had its target price lowered by The Goldman Sachs Group from $12.00 to $11.00 in a report published on Tuesday morning,Benzinga reports. The Goldman Sachs Group currently has a buy rating on the stock.

Several other research firms have also recently commented on NOVA. BMO Capital Markets reissued a “market perform” rating and set a $8.00 target price (down previously from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. Piper Sandler dropped their price target 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. Guggenheim downgraded Sunnova Energy International from a “buy” rating to a “neutral” rating in a research note on Thursday, November 7th. Royal Bank of Canada downgraded shares of Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a report on Monday, December 9th. Finally, Jefferies Financial Group initiated coverage on shares of Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective for the company. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $10.24.

Sunnova Energy International Stock Down 6.9 %

Shares of Sunnova Energy International stock opened at $3.37 on Tuesday. The firm has a market cap of $421.08 million, a price-to-earnings ratio of -1.01 and a beta of 2.22. The stock’s 50-day moving average is $4.81 and its 200 day moving average is $6.90. 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 has a one year low of $2.99 and a one year high of $16.35.

Sunnova Energy International (NYSE:NOVA) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $235.30 million during the quarter, compared to the consensus estimate of $238.23 million. During the same period last year, the business posted ($0.53) earnings per share. The firm’s quarterly revenue was up 18.6% on a year-over-year basis. Equities research analysts anticipate that Sunnova Energy International will post -2.44 EPS for the current year.

Insider Buying and Selling

In related news, CFO Eric Michael Williams purchased 13,800 shares of the business’s stock in a transaction on Monday, November 18th. The stock was acquired at an average price of $3.60 per share, with a total value of $49,680.00. Following the purchase, the chief financial officer now directly owns 13,800 shares in the company, valued at approximately $49,680. This represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Akbar Mohamed purchased 50,000 shares of the firm’s stock in a transaction dated Monday, November 18th. The stock was bought 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. The trade was a 16.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 118,517 shares of company stock worth $439,605. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Several hedge funds have recently added to or reduced their stakes in NOVA. International Assets Investment Management LLC increased 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 valued at $308,000 after purchasing an additional 2,992 shares during the last quarter. GAMMA Investing LLC grew its position in Sunnova Energy International by 736.3% during the third quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock valued at $85,000 after acquiring an additional 7,709 shares during the last quarter. Creative Planning purchased a new position in shares of Sunnova Energy International during the third quarter worth approximately $107,000. Presidio Capital Management LLC bought a new stake in shares of Sunnova Energy International in the 2nd quarter worth approximately $67,000. Finally, nVerses Capital LLC boosted its stake in shares of Sunnova Energy International by 237.8% in the 2nd quarter. nVerses Capital LLC now owns 12,500 shares of the company’s stock valued at $70,000 after purchasing an additional 8,800 shares in the last quarter.

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.