Royal Bank of Canada Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $0.75

Sunnova Energy International (NYSE:NOVA) had its target price dropped by analysts at Royal Bank of Canada from $5.00 to $0.75 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a “sector perform” rating on the stock. Royal Bank of Canada’s price target would indicate a potential upside of 50.30% from the company’s previous close.

NOVA has been the topic of several other reports. Capital One Financial downgraded Sunnova Energy International from an “overweight” rating to an “equal weight” rating in a research report on Monday. Janney Montgomery Scott cut shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a research report on Tuesday. Robert W. Baird reaffirmed a “neutral” rating and set a $2.00 price target (down previously from $9.00) on shares of Sunnova Energy International in a research report on Monday. Roth Mkm downgraded shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a research note on Monday. Finally, Jefferies Financial Group cut shares of Sunnova Energy International from a “buy” rating to a “hold” rating and lowered their price objective for the company from $9.00 to $2.00 in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $7.38.

Sunnova Energy International Trading Down 15.9 %

Shares of NYSE NOVA traded down $0.09 during midday trading on Tuesday, reaching $0.50. 14,778,537 shares of the stock were exchanged, compared to its average volume of 12,403,343. The stock has a 50 day moving average price of $2.82 and a 200-day moving average price of $5.58. 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 company has a market capitalization of $62.35 million, a P/E ratio of -0.15 and a beta of 2.28. Sunnova Energy International has a 52-week low of $0.47 and a 52-week high of $13.00.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Monday, March 3rd. The company reported ($2.96) 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 firm had revenue of $224.13 million during the quarter, compared to analysts’ expectations of $235.85 million. During the same period in the previous year, the firm posted $0.37 earnings per share. Equities research analysts expect that Sunnova Energy International will post -2.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sunnova Energy International

A number of institutional investors have recently added to or reduced their stakes in NOVA. Sylebra Capital LLC grew its stake in shares of Sunnova Energy International by 125.6% during the third quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock valued at $121,195,000 after acquiring an additional 6,926,399 shares in the last quarter. Erste Asset Management GmbH purchased a new position in Sunnova Energy International in the third quarter valued at about $76,550,000. Invesco Ltd. grew its stake in Sunnova Energy International by 55.2% during the 4th quarter. Invesco Ltd. now owns 6,082,399 shares of the company’s stock valued at $20,863,000 after purchasing an additional 2,162,379 shares in the last quarter. Amundi increased its holdings in Sunnova Energy International by 11.2% during the 4th quarter. Amundi now owns 4,385,286 shares of the company’s stock worth $14,988,000 after purchasing an additional 441,232 shares during the last quarter. Finally, Electron Capital Partners LLC raised its position in shares of Sunnova Energy International by 1.0% in the 4th quarter. Electron Capital Partners LLC now owns 3,447,218 shares of the company’s stock valued at $11,824,000 after purchasing an additional 35,233 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.