Readystate Asset Management LP Purchases New Stake in SOLV Energy Inc. $MWH

Readystate Asset Management LP purchased a new stake in shares of SOLV Energy Inc. (NASDAQ:MWH) in the second quarter, Holdings Channel reports. The firm purchased 30,000 shares of the company’s stock, valued at approximately $1,022,000.

Several other institutional investors have also recently bought and sold shares of the business. Continuum Advisory LLC bought a new position in shares of SOLV Energy in the second quarter valued at $142,000. Public Employees Retirement System of Ohio bought a new stake in shares of SOLV Energy during the second quarter worth about $375,000. Bank of New York Mellon Corp raised its holdings in shares of SOLV Energy by 697.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock worth $3,359,000 after acquiring an additional 86,290 shares during the last quarter. Wellington Management Group LLP bought a new position in SOLV Energy in the 2nd quarter valued at about $4,852,000. Finally, Neumeier Poma Investment Counsel LLC acquired a new position in SOLV Energy during the 2nd quarter valued at about $18,320,262.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. TD Cowen increased their price objective on SOLV Energy from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, August 25th. UBS Group reaffirmed a “neutral” rating and set a $50.00 target price (up from $42.00) on shares of SOLV Energy in a research report on Thursday, May 14th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $42.00 price target on shares of SOLV Energy in a report on Friday, August 14th. Weiss Ratings raised SOLV Energy from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, August 14th. Finally, Robert W. Baird reduced their target price on shares of SOLV Energy from $50.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, SOLV Energy presently has a consensus rating of “Moderate Buy” and an average target price of $39.91.

SOLV Energy Price Performance

SOLV Energy stock opened at $25.27 on Tuesday. SOLV Energy Inc. has a 52 week low of $23.83 and a 52 week high of $48.40. The business’s 50 day moving average price is $28.53. The company has a market cap of $5.11 billion and a PE ratio of 84.23. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09.

SOLV Energy (NASDAQ:MWH) last released its earnings results on Thursday, August 13th. The company reported $0.30 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. SOLV Energy’s revenue for the quarter was up 77.4% compared to the same quarter last year. On average, equities analysts anticipate that SOLV Energy Inc. will post 1.28 EPS for the current year.

SOLV Energy Company Profile

SOLV Energy (NASDAQ: MWH) is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.