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

Shares of Sunnova Energy International Inc. (NYSE:NOVA) rose 8.2% on Wednesday . The stock traded as high as $5.85 and last traded at $5.78. 2,079,965 shares were traded during 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

A number of analysts have weighed in on the stock. Jefferies Financial Group assumed coverage on shares of Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective on the stock. Citigroup lowered their price target on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. BMO Capital Markets reaffirmed a “market perform” rating and set a $8.00 price objective (down from $10.00) on shares of Sunnova Energy International in a research note on Friday, November 1st. Morgan Stanley lowered their target price on Sunnova Energy International from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, November 15th. Finally, Piper Sandler dropped their price objective on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday, November 22nd. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have given a buy rating to the stock. Based on data from MarketBeat, Sunnova Energy International presently has an average rating of “Moderate Buy” and a consensus price target of $10.73.

Sunnova Energy International Price Performance

The company has a market capitalization of $679.73 million, a price-to-earnings ratio of -1.73 and a beta of 2.26. The company has a fifty day simple moving average of $6.40 and a two-hundred day simple moving average of $6.93. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.86 and a current ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) 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 business had revenue of $235.30 million during the quarter, compared to analyst estimates of $238.23 million. During the same period in the previous year, the business posted ($0.53) earnings per share. The firm’s quarterly revenue was up 18.6% on a year-over-year basis. As a group, research analysts anticipate that Sunnova Energy International Inc. will post -2.37 earnings per share for the current year.

Insider Activity at Sunnova Energy International

In other Sunnova Energy International news, CFO Eric Michael Williams purchased 13,800 shares of Sunnova Energy International stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $3.60 per share, with a total value of $49,680.00. Following the completion of the acquisition, the chief financial officer now owns 13,800 shares of the company’s stock, valued at approximately $49,680. This trade represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Akbar Mohamed purchased 50,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price 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 of the company’s stock, valued at approximately $1,283,660.56. This represents a 16.52 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have acquired 118,517 shares of company stock worth $439,605. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

A number of institutional investors have recently modified their holdings of the business. First Affirmative Financial Network lifted its holdings in Sunnova Energy International by 12.9% in the second quarter. First Affirmative Financial Network now owns 14,829 shares of the company’s stock worth $83,000 after purchasing an additional 1,691 shares during the period. First Trust Direct Indexing L.P. raised its holdings in Sunnova Energy International by 11.6% during the third quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock worth $189,000 after purchasing an additional 2,016 shares in the last quarter. Ballentine Partners LLC lifted its position in Sunnova Energy International by 15.9% in the third quarter. Ballentine Partners LLC now owns 21,515 shares of the company’s stock worth $210,000 after purchasing an additional 2,956 shares during the period. International Assets Investment Management LLC boosted its stake in Sunnova Energy International by 37,400.0% during the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock valued at $308,000 after purchasing an additional 2,992 shares in the last quarter. Finally, Peapack Gladstone Financial Corp raised its stake in shares of Sunnova Energy International by 11.0% in the 3rd 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 in 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.