Northland Capmk Weighs in on Sunnova Energy International Inc.’s Q2 2024 Earnings (NYSE:NOVA)

Sunnova Energy International Inc. (NYSE:NOVA) – Equities researchers at Northland Capmk issued their Q2 2024 earnings per share (EPS) estimates for Sunnova Energy International in a research note issued to investors on Monday, May 6th. Northland Capmk analyst A. Sinha forecasts that the company will earn ($0.50) per share for the quarter. The consensus estimate for Sunnova Energy International’s current full-year earnings is ($2.39) per share. Northland Capmk also issued estimates for Sunnova Energy International’s Q3 2024 earnings at ($0.34) EPS, Q4 2024 earnings at ($0.24) EPS and FY2024 earnings at ($1.65) EPS.

Sunnova Energy International (NYSE:NOVA) last released its quarterly earnings data on Wednesday, May 1st. The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.22. The business had revenue of $160.90 million for the quarter, compared to the consensus estimate of $193.78 million. Sunnova Energy International had a negative return on equity of 12.10% and a negative net margin of 56.52%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.70) EPS.

A number of other research analysts also recently commented on NOVA. KeyCorp downgraded shares of Sunnova Energy International from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 23rd. Susquehanna reduced their price objective on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a research note on Friday, April 5th. BMO Capital Markets decreased their price objective on Sunnova Energy International from $10.00 to $6.00 and set a “market perform” rating for the company in a report on Friday, May 3rd. Evercore ISI cut their target price on shares of Sunnova Energy International from $26.00 to $17.00 and set an “outperform” rating on the stock in a report on Friday, May 3rd. Finally, Scotiabank lowered their price target on Sunnova Energy International from $20.00 to $10.00 and set a “sector outperform” rating on the stock in a report on Monday, April 29th. Seven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Sunnova Energy International Stock Performance

Shares of Sunnova Energy International stock opened at $4.11 on Wednesday. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 3.41. Sunnova Energy International has a 52 week low of $3.37 and a 52 week high of $24.56. The firm’s 50 day moving average is $4.96 and its two-hundred day moving average is $9.03. The firm has a market capitalization of $508.94 million, a P/E ratio of -1.20 and a beta of 2.15.

Insider Activity

In related news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total transaction of $50,445.00. Following the completion of the sale, the insider now owns 14,007 shares in the company, valued at approximately $74,377.17. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Sunnova Energy International news, Director Akbar Mohamed bought 152,450 shares of the company’s stock in a transaction that occurred on Wednesday, February 28th. The stock was purchased at an average cost 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 approximately $1,634,081.88. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Paul S. Mathews sold 9,500 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total value of $50,445.00. Following the transaction, the insider now owns 14,007 shares in the company, valued at $74,377.17. The disclosure for this sale can be found here. Insiders have sold 23,580 shares of company stock worth $137,382 over the last ninety days. 4.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Headlands Technologies LLC raised its position in shares of Sunnova Energy International by 110.7% in the 1st quarter. Headlands Technologies LLC now owns 21,725 shares of the company’s stock worth $133,000 after buying an additional 11,413 shares during the period. SG Americas Securities LLC lifted its holdings in shares of Sunnova Energy International by 43.6% during the 1st quarter. SG Americas Securities LLC now owns 35,168 shares of the company’s stock valued at $216,000 after acquiring an additional 10,682 shares in the last quarter. Kayne Anderson Capital Advisors LP purchased a new stake in Sunnova Energy International during the 1st quarter worth $1,846,000. GSA Capital Partners LLP increased its holdings in Sunnova Energy International by 100.5% in the 1st quarter. GSA Capital Partners LLP now owns 109,710 shares of the company’s stock valued at $673,000 after purchasing an additional 55,000 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in Sunnova Energy International by 129.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,788 shares of the company’s stock valued at $72,000 after purchasing an additional 6,661 shares during the period.

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.