Sunnova Energy International (NYSE:NOVA) Stock Price Up 17.8% – Here’s What Happened

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price shot up 17.8% during mid-day trading on Thursday . The company traded as high as $4.04 and last traded at $4.04. 5,940,816 shares changed hands during trading, a decline of 30% from the average session volume of 8,439,859 shares. The stock had previously closed at $3.43.

Analysts Set New Price Targets

Several equities research analysts recently commented on the company. Royal Bank of Canada downgraded Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a report on Monday, December 9th. Barclays reduced their price target on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating for the company in a research note on Wednesday, October 16th. BMO Capital Markets restated a “market perform” rating and set a $8.00 price objective (down previously from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. Guggenheim lowered Sunnova Energy International from a “buy” rating to a “neutral” rating in a report on Thursday, November 7th. Finally, Robert W. Baird reduced their price objective on Sunnova Energy International from $12.00 to $9.00 and set an “outperform” rating for the company in a research report on Wednesday, December 18th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $10.24.

Sunnova Energy International Price Performance

The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26. The stock has a 50 day simple moving average of $4.41 and a 200-day simple moving average of $6.80. The firm has a market cap of $486.07 million, a PE ratio of -1.16 and a beta of 2.22.

Sunnova Energy International (NYSE:NOVA) last issued 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). Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The business had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. During the same period last year, the business posted ($0.53) EPS. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. Equities analysts anticipate that Sunnova Energy International Inc. will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Eric Michael Williams purchased 13,800 shares of the business’s stock in a transaction on Monday, November 18th. The stock was acquired 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 $49,680. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Akbar Mohamed acquired 54,717 shares of Sunnova Energy International stock in a transaction on Friday, November 15th. The stock was purchased at an average cost of $3.80 per share, for a total transaction of $207,924.60. Following the purchase, the director now owns 302,654 shares in the company, valued at approximately $1,150,085.20. The trade was a 22.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders purchased 118,517 shares of company stock worth $439,605. 4.50% of the stock is owned by insiders.

Institutional Trading of Sunnova Energy International

A number of large investors have recently made changes to their positions in the business. First Trust Direct Indexing L.P. lifted its position in Sunnova Energy International by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock worth $189,000 after buying an additional 2,016 shares during the last quarter. Ballentine Partners LLC boosted its position in shares of Sunnova Energy International by 15.9% during the third quarter. Ballentine Partners LLC now owns 21,515 shares of the company’s stock valued at $210,000 after buying an additional 2,956 shares during the period. International Assets Investment Management LLC grew its stake in shares of Sunnova Energy International by 37,400.0% during the third quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock valued at $308,000 after buying an additional 2,992 shares during the last quarter. Peapack Gladstone Financial Corp raised its holdings in shares of Sunnova Energy International by 11.0% in the third quarter. Peapack Gladstone Financial Corp now owns 32,200 shares of the company’s stock worth $314,000 after buying an additional 3,200 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its stake in shares of Sunnova Energy International by 6.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 56,487 shares of the company’s stock worth $315,000 after acquiring an additional 3,559 shares during the last quarter.

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.