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

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price gapped down prior to trading on Tuesday after KeyCorp downgraded the stock from an overweight rating to a sector weight rating. The stock had previously closed at $3.82, but opened at $3.71. Sunnova Energy International shares last traded at $4.13, with a volume of 1,658,250 shares changing hands.

Other equities analysts have also recently issued research reports about the stock. Susquehanna reduced their price target on shares of Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating on the stock in a research report on Friday, April 5th. The Goldman Sachs Group reduced their price target on shares of Sunnova Energy International from $14.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, April 11th. Mizuho reduced their price target on shares of Sunnova Energy International from $21.00 to $17.00 and set a “buy” rating on the stock in a research report on Friday, April 19th. Northland Securities reaffirmed a “market perform” rating and set a $9.00 price target (down previously from $12.00) on shares of Sunnova Energy International in a research report on Friday, February 23rd. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $6.00 price target (down previously from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.48.

Insider Buying and Selling at Sunnova Energy International

In other news, Director Akbar Mohamed purchased 152,450 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were bought at an average price of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the purchase, the director now owns 236,139 shares of the company’s stock, valued at $1,634,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Sunnova Energy International news, insider Jack O. Lynch III sold 12,994 shares of Sunnova Energy International stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $6.21, for a total value of $80,692.74. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Akbar Mohamed purchased 152,450 shares of the stock in a transaction dated Wednesday, February 28th. The shares were bought at an average price of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the acquisition, the director now owns 236,139 shares in the company, valued at $1,634,081.88. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 23,580 shares of company stock worth $137,382. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of hedge funds have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Sunnova Energy International by 2.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 45,491 shares of the company’s stock worth $663,000 after buying an additional 1,094 shares during the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its holdings in Sunnova Energy International by 3.6% during the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,397 shares of the company’s stock valued at $465,000 after acquiring an additional 1,528 shares during the period. DekaBank Deutsche Girozentrale boosted its holdings in Sunnova Energy International by 8.0% during the fourth quarter. DekaBank Deutsche Girozentrale now owns 20,898 shares of the company’s stock valued at $325,000 after acquiring an additional 1,554 shares during the period. Principal Financial Group Inc. boosted its holdings in Sunnova Energy International by 14.0% during the third quarter. Principal Financial Group Inc. now owns 12,893 shares of the company’s stock valued at $135,000 after acquiring an additional 1,584 shares during the period. Finally, Manchester Capital Management LLC lifted its stake in shares of Sunnova Energy International by 2,959.7% in the fourth quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after buying an additional 1,835 shares during the period.

Sunnova Energy International Trading Up 2.7 %

The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85. The company’s 50 day moving average is $6.10 and its two-hundred day moving average is $9.44. The firm has a market cap of $486.07 million, a P/E ratio of -1.12 and a beta of 2.08.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.04. The business had revenue of $194.18 million during the quarter, compared to analysts’ expectations of $226.09 million. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. On average, sell-side analysts predict that Sunnova Energy International Inc. will post -2.28 earnings per share for the current year.

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.