Sunnova Energy International (NYSE:NOVA) Trading 17.8% Higher – Here’s Why

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

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on NOVA. Morgan Stanley cut their price objective on shares of 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 reiterated a “market perform” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Sunnova Energy International in a report on Friday, November 1st. Wolfe Research cut Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Piper Sandler lowered their target price on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating for the company in a research note on Friday, November 22nd. Finally, BNP Paribas cut shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price target on the stock. in a research report on Friday, November 8th. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average target price of $10.24.

Sunnova Energy International Stock Performance

The stock has a market capitalization of $532.30 million, a P/E ratio of -1.27 and a beta of 2.22. The stock has a 50 day simple moving average of $4.36 and a two-hundred day simple moving average of $6.78. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26.

Sunnova Energy International (NYSE:NOVA) last issued its 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). The firm 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 quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.53) earnings per share. On average, equities analysts forecast that Sunnova Energy International Inc. will post -2.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Akbar Mohamed acquired 54,717 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were bought at an average cost of $3.80 per share, with a total value of $207,924.60. Following the completion of the transaction, the director now directly owns 302,654 shares of the company’s stock, valued at $1,150,085.20. This trade represents a 22.07 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Eric Michael Williams bought 13,800 shares of Sunnova Energy International stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $3.60 per share, with a total value of $49,680.00. Following the acquisition, the chief financial officer now directly owns 13,800 shares in the company, valued at $49,680. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 118,517 shares of company stock valued at $439,605 over the last 90 days. 4.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of large investors have recently made changes to their positions in the company. Mercer Global Advisors Inc. ADV acquired a new position in Sunnova Energy International in the 2nd quarter valued at $78,000. AE Wealth Management LLC bought a new position in Sunnova Energy International in the second quarter valued at approximately $81,000. GAMMA Investing LLC raised its position in Sunnova Energy International by 736.3% during the third quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock valued at $85,000 after purchasing an additional 7,709 shares in the last quarter. Ballentine Partners LLC lifted its stake in Sunnova Energy International by 72.2% during the second quarter. Ballentine Partners LLC now owns 18,559 shares of the company’s stock worth $104,000 after purchasing an additional 7,783 shares during the last quarter. Finally, Creative Planning acquired a new stake in shares of Sunnova Energy International in the 3rd quarter valued at $107,000.

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.