SOLV Energy (NASDAQ:MWH) Stock Price Up 5.5% Following Better-Than-Expected Earnings

SOLV Energy Inc. (NASDAQ:MWH)’s stock price rose 5.5% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $30.15 and last traded at $30.0620. Approximately 182,577 shares were traded during trading, a decline of 80% from the average daily volume of 929,514 shares. The stock had previously closed at $28.50.

The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.15 by $0.15. The firm’s revenue for the quarter was up 80.0% compared to the same quarter last year.

Analyst Upgrades and Downgrades

MWH has been the subject of a number of recent analyst reports. Zacks Research upgraded shares of SOLV Energy to a “hold” rating in a research report on Tuesday, March 10th. Wall Street Zen raised shares of SOLV Energy to a “hold” rating in a research report on Sunday, February 22nd. Evercore started coverage on shares of SOLV Energy in a report on Monday, March 9th. They issued an “outperform” rating and a $34.00 target price for the company. Jefferies Financial Group assumed coverage on SOLV Energy in a research report on Monday, March 9th. They issued a “buy” rating and a $32.00 target price on the stock. Finally, Guggenheim started coverage on SOLV Energy in a research note on Monday, March 9th. They set a “buy” rating and a $37.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $35.10.

SOLV Energy Price Performance

SOLV Energy Company Profile

SOLV Energy (NASDAQ: MWH) is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.