Sunnova Energy International (NYSE:NOVA) Price Target Cut to $17.00

Sunnova Energy International (NYSE:NOVA) had its price target reduced by stock analysts at Evercore ISI from $26.00 to $17.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Evercore ISI’s price target points to a potential upside of 255.28% from the company’s current price.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $6.00 price objective (down previously from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. Susquehanna reduced their price objective on shares of 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. Northland Securities reissued a “market perform” rating and set a $9.00 target price (down previously from $12.00) on shares of Sunnova Energy International in a research report on Friday, February 23rd. Janney Montgomery Scott raised shares of Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 price target on the stock in a report on Friday, March 22nd. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $14.00 price objective (down previously from $24.00) on shares of Sunnova Energy International in a report on Monday, March 4th. Seven equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $16.71.

Sunnova Energy International Stock Up 8.3 %

Shares of NOVA traded up $0.37 during mid-day trading on Friday, hitting $4.79. The company’s stock had a trading volume of 15,120,959 shares, compared to its average volume of 9,410,099. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.58. The company’s 50-day moving average is $5.11 and its 200-day moving average is $9.15. Sunnova Energy International has a 52-week low of $3.37 and a 52-week high of $24.56. The firm has a market capitalization of $592.57 million, a price-to-earnings ratio of -1.43 and a beta of 2.15.

Sunnova Energy International (NYSE:NOVA) last posted its earnings results on Wednesday, May 1st. The company reported ($0.57) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.22. The company had revenue of $160.90 million during the quarter, compared to analyst estimates of $193.78 million. Sunnova Energy International had a negative return on equity of 12.35% and a negative net margin of 56.52%. Sunnova Energy International’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.70) earnings per share. On average, equities research analysts forecast that Sunnova Energy International will post -2.39 EPS for the current fiscal year.

Insider Activity at Sunnova Energy International

In other news, Director Akbar Mohamed bought 152,450 shares of the firm’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 purchase, the director now directly owns 236,139 shares in the company, valued at approximately $1,634,081.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, Director Akbar Mohamed acquired 152,450 shares of the business’s stock in a transaction on Wednesday, February 28th. The stock was bought at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the acquisition, the director now owns 236,139 shares of the company’s stock, valued at $1,634,081.88. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $50,445.00. Following the sale, the insider now directly owns 14,007 shares in the company, valued at $74,377.17. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 23,580 shares of company stock worth $137,382. 4.50% of the stock is owned by corporate insiders.

Institutional Trading of Sunnova Energy International

A number of institutional investors and hedge funds have recently made changes to their positions in NOVA. Vanguard Group Inc. lifted its position in shares of Sunnova Energy International by 2.1% during the 4th quarter. Vanguard Group Inc. now owns 10,486,392 shares of the company’s stock valued at $159,917,000 after buying an additional 215,905 shares in the last quarter. Electron Capital Partners LLC raised its position in Sunnova Energy International by 42.9% during the third quarter. Electron Capital Partners LLC now owns 5,308,684 shares of the company’s stock worth $55,582,000 after acquiring an additional 1,593,098 shares during the period. Van ECK Associates Corp raised its position in Sunnova Energy International by 124.4% during the fourth quarter. Van ECK Associates Corp now owns 1,563,320 shares of the company’s stock worth $23,841,000 after acquiring an additional 866,705 shares during the period. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in Sunnova Energy International by 57.6% during the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,324,957 shares of the company’s stock valued at $13,872,000 after purchasing an additional 484,150 shares in the last quarter. Finally, Guinness Asset Management LTD grew its position in shares of Sunnova Energy International by 5.9% in the third quarter. Guinness Asset Management LTD now owns 1,240,355 shares of the company’s stock valued at $12,981,000 after purchasing an additional 69,539 shares during the period.

Sunnova Energy International Company Profile

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.