Sunnova Energy International Inc. (NYSE:NOVA) Short Interest Down 24.8% in March

Sunnova Energy International Inc. (NYSE:NOVA) was the target of a significant decline in short interest in March. As of March 15th, there was short interest totalling 29,540,000 shares, a decline of 24.8% from the February 28th total of 39,300,000 shares. Based on an average trading volume of 17,940,000 shares, the days-to-cover ratio is presently 1.6 days. Currently, 24.8% of the company’s stock are sold short.

Sunnova Energy International Stock Performance

NYSE:NOVA traded up $0.06 during mid-day trading on Monday, hitting $0.37. The stock had a trading volume of 43,177,149 shares, compared to its average volume of 10,891,821. Sunnova Energy International has a 52 week low of $0.25 and a 52 week high of $13.00. 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 market capitalization of $46.28 million, a price-to-earnings ratio of -0.11 and a beta of 2.64. The company has a 50 day simple moving average of $1.53 and a 200-day simple moving average of $4.15.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings data on Monday, March 3rd. The company reported ($2.96) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.79) by ($2.17). Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The business had revenue of $224.13 million for the quarter, compared to analyst estimates of $235.85 million. During the same quarter in the prior year, the firm posted $0.37 earnings per share. On average, research analysts expect that Sunnova Energy International will post -2.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. Sunbelt Securities Inc. acquired a new position in shares of Sunnova Energy International during the fourth quarter valued at $1,211,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Sunnova Energy International by 20.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,138 shares of the company’s stock valued at $1,530,000 after buying an additional 77,075 shares during the period. Westwood Holdings Group Inc. bought a new stake in shares of Sunnova Energy International during the 4th quarter worth about $1,308,000. Twinbeech Capital LP bought a new stake in shares of Sunnova Energy International during the 4th quarter worth about $89,000. Finally, Two Sigma Advisers LP acquired a new stake in shares of Sunnova Energy International in the 4th quarter worth approximately $35,000.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on NOVA shares. Royal Bank of Canada lowered their price objective on Sunnova Energy International from $5.00 to $0.75 and set a “sector perform” rating for the company in a research note on Tuesday, March 4th. Piper Sandler dropped their price target on shares of Sunnova Energy International from $4.50 to $1.00 and set a “neutral” rating for the company in a research note on Wednesday, March 5th. Susquehanna downgraded shares of Sunnova Energy International from a “positive” rating to a “neutral” rating and reduced their price objective for the company from $14.00 to $4.50 in a research note on Friday, January 10th. Wells Fargo & Company downgraded shares of Sunnova Energy International from an “equal weight” rating to an “underweight” rating and dropped their target price for the stock from $4.00 to $0.50 in a research report on Tuesday, March 4th. Finally, UBS Group cut shares of Sunnova Energy International from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $5.00 to $0.65 in a research report on Tuesday, March 4th. Two equities research analysts have rated the stock with a sell rating, twenty-three have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $5.39.

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.