Sunnova Energy International (NYSE:NOVA) Shares Gap Down Following Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA) gapped down before the market opened on Wednesday after Wells Fargo & Company lowered their price target on the stock from $8.00 to $4.00. The stock had previously closed at $4.51, but opened at $4.23. Wells Fargo & Company currently has an equal weight rating on the stock. Sunnova Energy International shares last traded at $4.06, with a volume of 1,379,484 shares.

Other equities analysts have also issued research reports about the company. Citigroup lowered their target price on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. BNP Paribas cut Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective on the stock. in a research report on Friday, November 8th. BMO Capital Markets reissued a “market perform” rating and issued a $8.00 target price (down previously from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. Royal Bank of Canada downgraded shares of Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a report on Monday, December 9th. Finally, Piper Sandler lowered their target price on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a report on Friday, November 22nd. One research analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.01.

Insider Activity at Sunnova Energy International

In other Sunnova Energy International news, CFO Eric Michael Williams bought 13,800 shares of Sunnova Energy International stock in a transaction on Monday, November 18th. The shares were purchased 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 of the company’s stock, valued at $49,680. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Akbar Mohamed purchased 50,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was acquired at an average price of $3.64 per share, with a total value of $182,000.00. Following the completion of the transaction, the director now owns 352,654 shares in the company, valued at approximately $1,283,660.56. This trade represents a 16.52 % increase in their position. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 118,517 shares of company stock valued at $439,605. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of hedge funds have recently modified their holdings of NOVA. Sylebra Capital LLC boosted its stake in shares of Sunnova Energy International by 125.6% in the 3rd quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock valued at $121,195,000 after purchasing an additional 6,926,399 shares during the last quarter. Erste Asset Management GmbH acquired a new stake in Sunnova Energy International during the 3rd quarter worth about $76,550,000. Handelsbanken Fonder AB grew its holdings in Sunnova Energy International by 9.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock worth $71,097,000 after acquiring an additional 611,452 shares during the period. Electron Capital Partners LLC raised its position in shares of Sunnova Energy International by 24.5% in the 2nd quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock worth $16,768,000 after acquiring an additional 591,514 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Sunnova Energy International by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,562,684 shares of the company’s stock valued at $24,965,000 after purchasing an additional 88,945 shares during the period.

Sunnova Energy International Trading Down 10.2 %

The company has a market cap of $506.06 million, a P/E ratio of -1.21 and a beta of 2.29. The firm has a 50-day moving average of $4.33 and a 200 day moving average of $6.77. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate 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 company had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. During the same period last year, the business earned ($0.53) EPS. The business’s quarterly revenue was up 18.6% compared to the same quarter last year. On average, analysts predict that Sunnova Energy International Inc. will post -2.44 earnings per share for the current fiscal year.

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.