Sunnova Energy International (NYSE:NOVA) Stock Price Up 6.9% After Insider Buying Activity

Sunnova Energy International Inc. (NYSE:NOVA – Get Rating)’s share price shot up 6.9% during mid-day trading on Tuesday after an insider bought additional shares in the company. The company traded as high as $16.85 and last traded at $16.66. 1,262,796 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 4,133,878 shares. The stock had previously closed at $15.59.

Specifically, Director Akbar Mohamed acquired 10,000 shares of the business’s stock in a transaction dated Friday, May 19th. The shares were purchased at an average price of $14.37 per share, for a total transaction of $143,700.00. Following the completion of the acquisition, the director now directly owns 83,689 shares in the company, valued at approximately $1,202,610.93. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, Director Akbar Mohamed acquired 10,000 shares of the company’s stock in a transaction dated Friday, May 19th. The shares were purchased at an average cost of $14.37 per share, with a total value of $143,700.00. Following the completion of the acquisition, the director now directly owns 83,689 shares of the company’s stock, valued at $1,202,610.93. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Kelsey Hultberg sold 2,400 shares of the firm’s stock in a transaction on Wednesday, March 22nd. The stock was sold at an average price of $14.03, for a total value of $33,672.00. Following the completion of the transaction, the insider now owns 19,974 shares of the company’s stock, valued at approximately $280,235.22. The disclosure for this sale can be found here. Over the last 90 days, insiders acquired 11,000 shares of company stock valued at $158,116. 4.40% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on NOVA shares. Evercore ISI decreased their target price on Sunnova Energy International from $35.00 to $31.00 and set an “outperform” rating for the company in a report on Tuesday, February 14th. The Goldman Sachs Group decreased their price objective on shares of Sunnova Energy International from $23.00 to $17.00 and set a “neutral” rating for the company in a research note on Thursday, March 30th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Sunnova Energy International from $31.00 to $28.00 and set a “buy” rating on the stock in a research note on Thursday, April 13th. Scotiabank initiated coverage on shares of Sunnova Energy International in a research report on Thursday, March 2nd. They set a “sector outperform” rating and a $28.00 target price for the company. Finally, Guggenheim upped their price target on shares of Sunnova Energy International from $51.00 to $60.00 and gave the company a “buy” rating in a report on Tuesday, February 28th. Three investment analysts have rated the stock with a hold rating, nineteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Sunnova Energy International currently has a consensus rating of “Moderate Buy” and a consensus price target of $34.95.

Sunnova Energy International Price Performance

The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 3.18. The company has a market capitalization of $1.89 billion, a price-to-earnings ratio of -9.33 and a beta of 2.08. The stock’s 50-day simple moving average is $15.52 and its two-hundred day simple moving average is $18.16.

Sunnova Energy International (NYSE:NOVA – Get Rating) last released its quarterly earnings results on Wednesday, April 26th. The company reported ($0.70) earnings per share for the quarter, missing the consensus estimate of ($0.58) by ($0.12). Sunnova Energy International had a negative return on equity of 13.47% and a negative net margin of 30.75%. The company had revenue of $161.70 million for the quarter, compared to analyst estimates of $159.54 million. During the same quarter last year, the company earned ($0.30) EPS. The firm’s revenue for the quarter was up 146.0% on a year-over-year basis. Equities research analysts predict that Sunnova Energy International Inc. will post -1.34 earnings per share for the current year.

Hedge Funds Weigh In On Sunnova Energy International

Hedge funds and other institutional investors have recently made changes to their positions in the company. Advisor Group Holdings Inc. lifted its holdings in Sunnova Energy International by 23.4% in the 1st quarter. Advisor Group Holdings Inc. now owns 4,788 shares of the company’s stock valued at $387,000 after purchasing an additional 907 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Sunnova Energy International by 185.3% in the first quarter. Raymond James & Associates now owns 41,819 shares of the company’s stock worth $964,000 after buying an additional 27,160 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its position in Sunnova Energy International by 199.6% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 47,501 shares of the company’s stock worth $1,095,000 after acquiring an additional 31,646 shares during the last quarter. US Bancorp DE grew its stake in Sunnova Energy International by 168.8% during the 1st quarter. US Bancorp DE now owns 2,809 shares of the company’s stock valued at $65,000 after acquiring an additional 1,764 shares in the last quarter. Finally, MetLife Investment Management LLC raised its holdings in Sunnova Energy International by 53.6% in the 1st quarter. MetLife Investment Management LLC now owns 47,065 shares of the company’s stock valued at $1,085,000 after acquiring an additional 16,426 shares during the last quarter.

About Sunnova Energy International

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Sunnova Energy International, Inc operates as a residential energy service provider. It offers solar energy systems, electric vehicle chargers, and home solar protection. The company was founded by William Jackson Berger in 2012 and is headquartered in Houston, TX.