Sunnova Energy International (NYSE:NOVA) Reaches New 1-Year Low After Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price hit a new 52-week low during mid-day trading on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $32.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sunnova Energy International traded as low as $11.97 and last traded at $12.06, with a volume of 1461301 shares changing hands. The stock had previously closed at $12.86.

Other research analysts also recently issued research reports about the company. Citigroup downgraded Sunnova Energy International from a “buy” rating to a “neutral” rating and reduced their price target for the company from $26.00 to $25.00 in a report on Wednesday, July 19th. Bank of America boosted their price target on Sunnova Energy International from $25.00 to $27.00 in a report on Wednesday, July 19th. Barclays lifted their price objective on Sunnova Energy International from $27.00 to $29.00 in a research report on Thursday, July 13th. BMO Capital Markets cut their price objective on Sunnova Energy International from $25.00 to $21.00 in a research report on Monday, July 31st. Finally, Susquehanna cut their price objective on Sunnova Energy International from $34.00 to $32.00 and set a “positive” rating on the stock in a research report on Friday, July 28th. Five equities research analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $31.79.

Insider Activity at Sunnova Energy International

In related news, insider William J. Berger sold 47,150 shares of the company’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $17.86, for a total value of $842,099.00. Following the transaction, the insider now directly owns 365,222 shares of the company’s stock, valued at approximately $6,522,864.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

Several hedge funds and other institutional investors have recently added to or reduced their stakes in NOVA. Mariner LLC raised its stake in Sunnova Energy International by 0.5% during the 4th quarter. Mariner LLC now owns 123,835 shares of the company’s stock valued at $2,230,000 after buying an additional 587 shares during the last quarter. Advisors Asset Management Inc. raised its stake in Sunnova Energy International by 2.5% during the 4th quarter. Advisors Asset Management Inc. now owns 24,399 shares of the company’s stock valued at $439,000 after buying an additional 591 shares during the last quarter. Kepos Capital LP raised its stake in Sunnova Energy International by 18.1% during the 4th quarter. Kepos Capital LP now owns 4,012 shares of the company’s stock valued at $72,000 after buying an additional 615 shares during the last quarter. Cim Investment Management Inc. raised its stake in Sunnova Energy International by 3.6% during the 1st quarter. Cim Investment Management Inc. now owns 19,647 shares of the company’s stock valued at $307,000 after buying an additional 676 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its stake in Sunnova Energy International by 34.6% during the 2nd quarter. Allspring Global Investments Holdings LLC now owns 2,726 shares of the company’s stock valued at $50,000 after buying an additional 700 shares during the last quarter.

Sunnova Energy International Stock Performance

The firm has a market capitalization of $1.38 billion, a PE ratio of -5.47 and a beta of 2.06. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 3.24. The business’s 50 day simple moving average is $16.21 and its two-hundred day simple moving average is $16.48.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings data on Wednesday, July 26th. The company reported ($0.74) EPS for the quarter, missing the consensus estimate of ($0.37) by ($0.37). The company had revenue of $166.38 million during the quarter, compared to analysts’ expectations of $195.53 million. Sunnova Energy International had a negative return on equity of 15.78% and a negative net margin of 37.16%. The company’s revenue for the quarter was up 13.2% on a year-over-year basis. During the same quarter last year, the company earned ($0.32) earnings per share. Research analysts expect that Sunnova Energy International Inc. will post -1.7 earnings per share for the current fiscal year.

Sunnova Energy International Company Profile

Sunnova Energy International Inc provides 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 diagnostics services. As of December 31, 2022, it operated a fleet of residential solar energy systems with a generation capacity of approximately 1,627 megawatts serving over 279,000 customers.