Sunnova Energy International (NYSE:NOVA) Shares Up 8.2% – Here’s Why

Sunnova Energy International Inc. (NYSE:NOVA)’s share price rose 8.2% during trading on Wednesday . The stock traded as high as $5.85 and last traded at $5.78. Approximately 2,079,965 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 8,403,522 shares. The stock had previously closed at $5.34.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Morgan Stanley reduced their price target on Sunnova Energy International from $12.00 to $6.00 and set an “equal weight” rating on the stock in a report on Friday, November 15th. BMO Capital Markets restated a “market perform” rating and issued a $8.00 price target (down from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. The Goldman Sachs Group raised their price target on shares of Sunnova Energy International from $10.00 to $13.00 and gave the company a “buy” rating in a research note on Friday, August 2nd. BNP Paribas cut shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective on the stock. in a research note on Friday, November 8th. Finally, Scotiabank raised their target price on Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $10.73.

Sunnova Energy International Stock Up 1.3 %

The stock has a market cap of $676.00 million, a price-to-earnings ratio of -1.61 and a beta of 2.26. The firm’s fifty day moving average price is $6.14 and its two-hundred day moving average price is $6.91. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The firm had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. During the same period last year, the company posted ($0.53) earnings per share. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. Sell-side analysts forecast that Sunnova Energy International Inc. will post -2.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Akbar Mohamed acquired 50,000 shares of the stock in a transaction dated Monday, November 18th. The stock was purchased at an average cost of $3.64 per share, with a total value of $182,000.00. Following the completion of the purchase, the director now directly owns 352,654 shares in the company, valued at $1,283,660.56. This trade represents a 16.52 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Eric Michael Williams bought 13,800 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was bought at an average price of $3.60 per share, for a total transaction of $49,680.00. Following the acquisition, the chief financial officer now directly owns 13,800 shares of the company’s stock, valued at approximately $49,680. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have bought a total of 118,517 shares of company stock worth $439,605 in the last ninety days. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Erste Asset Management GmbH bought a new stake in shares of Sunnova Energy International in the 3rd quarter worth $76,550,000. Sylebra Capital LLC boosted its holdings in Sunnova Energy International by 125.6% during the third quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock worth $121,195,000 after purchasing an additional 6,926,399 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Sunnova Energy International by 56.7% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 14,142,487 shares of the company’s stock worth $78,915,000 after purchasing an additional 5,118,552 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Sunnova Energy International by 9.1% in the 3rd 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. Finally, Electron Capital Partners LLC lifted its position in shares of Sunnova Energy International by 24.5% during the 2nd quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock worth $16,768,000 after buying an additional 591,514 shares in the last quarter.

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.