Sunnova Energy International (NYSE:NOVA) Stock Price Down 4.5% on Analyst Downgrade

Posted by Defense World Staff on Jul 21st, 2023

Sunnova Energy International Inc. (NYSE:NOVA – Get Free Report)’s stock price fell 4.5% on Thursday after Citigroup downgraded the stock from a buy rating to a neutral rating. Citigroup now has a $25.00 price target on the stock, down from their previous price target of $26.00. Sunnova Energy International traded as low as $22.09 and last traded at $22.21. 343,940 shares were traded during mid-day trading, a decline of 91% from the average session volume of 3,878,231 shares. The stock had previously closed at $23.26.

NOVA has been the subject of a number of other reports. Morgan Stanley began coverage on Sunnova Energy International in a research note on Monday, April 3rd. They issued an “overweight” rating and a $35.00 target price for the company. Truist Financial reiterated a “buy” rating and issued a $35.00 price objective on shares of Sunnova Energy International in a research note on Friday, July 14th. Capital One Financial reiterated an “overweight” rating on shares of Sunnova Energy International in a research note on Tuesday, March 21st. The Goldman Sachs Group decreased their target price on 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. Finally, KeyCorp boosted their price objective on Sunnova Energy International from $34.00 to $39.00 in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Sunnova Energy International presently has a consensus rating of “Moderate Buy” and a consensus target price of $34.39.

Insider Transactions at Sunnova Energy International

In other Sunnova Energy International news, Director Akbar Mohamed acquired 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 19th. The shares were acquired at an average price of $14.37 per share, with a total value of $143,700.00. Following the purchase, the director now owns 83,689 shares of the company’s stock, valued at approximately $1,202,610.93. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 4.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Sunnova Energy International

Institutional investors have recently made changes to their positions in the company. BlackRock Inc. increased its holdings in shares of Sunnova Energy International by 1.6% during the first quarter. BlackRock Inc. now owns 16,530,455 shares of the company’s stock worth $381,192,000 after buying an additional 261,186 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Sunnova Energy International by 1.2% in the third quarter. Vanguard Group Inc. now owns 9,537,879 shares of the company’s stock worth $210,596,000 after purchasing an additional 114,448 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Sunnova Energy International by 5.6% during the first quarter. Handelsbanken Fonder AB now owns 5,615,457 shares of the company’s stock valued at $87,713,000 after acquiring an additional 296,499 shares during the last quarter. Pictet Asset Management SA boosted its position in Sunnova Energy International by 6.4% during the first quarter. Pictet Asset Management SA now owns 3,397,667 shares of the company’s stock valued at $53,072,000 after acquiring an additional 204,757 shares during the last quarter. Finally, Electron Capital Partners LLC boosted its position in Sunnova Energy International by 30.1% during the fourth quarter. Electron Capital Partners LLC now owns 3,379,638 shares of the company’s stock valued at $60,867,000 after acquiring an additional 781,893 shares during the last quarter.

Sunnova Energy International Stock Down 2.9 %

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 firm has a market cap of $2.63 billion, a P/E ratio of -12.98 and a beta of 2.04. The stock’s 50-day simple moving average is $18.26 and its 200 day simple moving average is $17.53.

Sunnova Energy International (NYSE:NOVA – Get Free Report) last posted its earnings results on Wednesday, April 26th. The company reported ($0.70) earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $161.70 million during the quarter, compared to analyst estimates of $159.54 million. During the same quarter in the prior year, the company earned ($0.30) EPS. The company’s revenue was up 146.0% on a year-over-year basis. As a group, research analysts forecast that Sunnova Energy International Inc. will post -1.5 EPS for the current fiscal year.

Sunnova Energy International Company Profile

(Get Free Report)

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.