Sunnova Energy International (NYSE:NOVA) Trading 8.9% Higher – Here’s Why

Sunnova Energy International Inc. (NYSE:NOVA)’s share price shot up 8.9% on Monday . The stock traded as high as $6.50 and last traded at $6.24. 2,322,787 shares were traded during trading, a decline of 70% from the average session volume of 7,731,425 shares. The stock had previously closed at $5.73.

Wall Street Analysts Forecast Growth

NOVA has been the subject of several research analyst reports. Robert W. Baird reduced their price objective on Sunnova Energy International from $18.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a research report on Friday, November 1st. Wolfe Research downgraded shares of Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a report on Monday. Jefferies Financial Group initiated coverage on shares of Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 target price for the company. Finally, Susquehanna boosted their target price on shares of Sunnova Energy International from $12.00 to $14.00 and gave the company a “positive” rating in a research report on Friday, August 2nd. Eight investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $11.61.

Sunnova Energy International Stock Performance

The company has a market cap of $882.14 million, a PE ratio of -2.11 and a beta of 2.26. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.86 and a current ratio of 0.86. The firm’s 50 day moving average is $8.59 and its 200-day moving average is $6.93.

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

Insider Buying and Selling

In other news, insider William J. Berger sold 77,000 shares of the business’s stock in a transaction that occurred 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 sale, the insider now directly owns 409,045 shares of the company’s stock, valued at approximately $4,626,298.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Institutional investors have recently modified their holdings of the company. Handelsbanken Fonder AB boosted its stake 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 purchasing an additional 611,452 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in 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 buying an additional 67,749 shares during the period. Susquehanna Fundamental Investments LLC purchased a new position in Sunnova Energy International in the 2nd quarter valued at approximately $1,042,000. Sylebra Capital LLC acquired a new position in shares of Sunnova Energy International in the second quarter worth $30,783,000. Finally, Vanguard Group Inc. increased its position 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 acquiring an additional 81,653 shares during the period.

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.