Wolfe Research Downgrades Sunnova Energy International (NYSE:NOVA) to Hold

Sunnova Energy International (NYSE:NOVA) was downgraded by stock analysts at Wolfe Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Monday, Zacks.com reports.

Several other brokerages have also commented on NOVA. Barclays decreased their price objective on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Truist Financial raised their price target on Sunnova Energy International from $9.00 to $10.00 and gave the stock a “buy” rating in a research report on Monday, July 29th. Piper Sandler increased their target price on Sunnova Energy International from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Scotiabank lifted their target price on Sunnova Energy International from $10.00 to $14.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 6th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $8.00 price target (down previously from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. Eight investment analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Sunnova Energy International Stock Performance

NYSE:NOVA opened at $7.07 on Monday. The company’s 50-day moving average is $8.59 and its two-hundred day moving average is $6.93. Sunnova Energy International has a 1-year low of $3.37 and a 1-year high of $16.35. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86. The firm has a market capitalization of $882.14 million, a price-to-earnings ratio of -2.11 and a beta of 2.26.

Sunnova Energy International (NYSE:NOVA) last posted its earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The business had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. Sunnova Energy International’s revenue was up 18.6% compared to the same quarter last year. During the same period last year, the business earned ($0.53) EPS. Analysts forecast that Sunnova Energy International will post -2 EPS for the current year.

Insider Activity at Sunnova Energy International

In other Sunnova Energy International news, insider William J. Berger sold 77,000 shares of the company’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.31, for a total value of $870,870.00. Following the completion of the transaction, the insider now owns 409,045 shares in the company, valued at $4,626,298.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

A number of institutional investors have recently modified their holdings of the business. Handelsbanken Fonder AB raised its holdings in shares of Sunnova Energy International by 9.1% in the third quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock valued at $71,097,000 after buying an additional 611,452 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its stake in shares of Sunnova Energy International by 23.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 357,781 shares of the company’s stock valued at $1,996,000 after purchasing an additional 67,749 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in shares of Sunnova Energy International in the second quarter valued at approximately $1,042,000. Sylebra Capital LLC purchased a new stake in shares of Sunnova Energy International during the second quarter worth approximately $30,783,000. Finally, Vanguard Group Inc. lifted its holdings in shares of Sunnova Energy International by 0.8% during the first quarter. Vanguard Group Inc. now owns 10,568,045 shares of the company’s stock worth $64,782,000 after purchasing an additional 81,653 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.