Sunnova Energy International (NYSE:NOVA) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Sunnova Energy International Inc. (NYSE:NOVA) gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $7.07, but opened at $8.38. Sunnova Energy International shares last traded at $9.05, with a volume of 3,916,200 shares changing hands.

The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.27. The company had revenue of $219.60 million for the quarter, compared to the consensus estimate of $220.38 million. Sunnova Energy International had a negative net margin of 56.52% and a negative return on equity of 12.10%. Sunnova Energy International’s revenue was up 32.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.74) EPS.

Analyst Ratings Changes

NOVA has been the subject of a number of recent research reports. Robert W. Baird reduced their price objective on Sunnova Energy International from $14.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, May 3rd. Truist Financial boosted their price objective on Sunnova Energy International from $9.00 to $10.00 and gave the company a “buy” rating in a research report on Monday. Piper Sandler lowered Sunnova Energy International from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $9.00 to $4.50 in a research report on Tuesday, May 21st. Mizuho cut their price target on shares of Sunnova Energy International from $21.00 to $17.00 and set a “buy” rating for the company in a report on Friday, April 19th. Finally, Evercore ISI decreased their price objective 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. Eight equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.80.

Insider Activity

In other news, insider William J. Berger 48,413 shares of the stock in a transaction that occurred on Tuesday, July 30th. The was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

A number of institutional investors have recently made changes to their positions in the stock. Manchester Capital Management LLC boosted 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 purchasing an additional 1,835 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in Sunnova Energy International during the 1st quarter worth approximately $25,000. Peoples Bank KS purchased a new position in Sunnova Energy International in the 2nd quarter valued at approximately $56,000. Caxton Associates LP acquired a new position in shares of Sunnova Energy International in the first quarter worth $62,000. Finally, Headlands Technologies LLC purchased a new stake in shares of Sunnova Energy International during the fourth quarter worth $157,000.

Sunnova Energy International Stock Performance

The firm has a market capitalization of $1.08 billion, a price-to-earnings ratio of -2.42 and a beta of 2.19. The firm has a 50 day moving average price of $5.97 and a 200-day moving average price of $6.47. The company has a debt-to-equity ratio of 3.41, a current ratio of 0.74 and a quick ratio of 0.74.

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.