SOLV Energy (NASDAQ:MWH) Stock Price Up 10.5% – Here’s What Happened

SOLV Energy Inc. (NASDAQ:MWH) shares were up 10.5% on Tuesday. The stock traded as high as $26.31 and last traded at $26.5190. Approximately 235,513 shares were traded during trading, a decline of 85% from the average session volume of 1,524,187 shares. The stock had previously closed at $24.00.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on MWH shares. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $42.00 price target on shares of SOLV Energy in a report on Friday, August 14th. Zacks Research cut shares of SOLV Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 8th. KeyCorp dropped their target price on shares of SOLV Energy from $43.00 to $35.00 and set an “overweight” rating for the company in a report on Thursday, October 15th. JPMorgan Chase & Co. cut their price target on SOLV Energy from $43.00 to $34.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Finally, TD Cowen upped their price objective on shares of SOLV Energy from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, August 25th. Ten research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SOLV Energy currently has an average rating of “Moderate Buy” and an average target price of $38.55.

SOLV Energy Price Performance

The company’s fifty day moving average is $25.01 and its 200 day moving average is $30.34. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The stock has a market cap of $5.48 billion and a PE ratio of 90.55.

SOLV Energy (NASDAQ:MWH) last announced its quarterly 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 company had revenue of $951.24 million during the quarter. SOLV Energy’s quarterly revenue was up 77.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that SOLV Energy Inc. will post 1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SOLV Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. GAMMA Investing LLC lifted its holdings in SOLV Energy by 4,255.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,263 shares of the company’s stock worth $30,000 after buying an additional 1,234 shares in the last quarter. WPG Advisers LLC acquired a new position in shares of SOLV Energy in the 3rd quarter worth approximately $32,000. Continuum Advisory LLC bought a new stake in SOLV Energy during the second quarter valued at $142,000. State of Alaska Department of Revenue acquired a new stake in SOLV Energy during the third quarter worth about $154,000. Finally, Arizona State Retirement System bought a new stake in shares of SOLV Energy in the 2nd quarter worth approximately $222,000.

SOLV Energy Company Profile

SOLV Energy is a renewable energy company that provides engineering, procurement and construction (EPC) services for utility-scale solar power and battery energy storage projects. Its services span project design, construction management, commissioning and related infrastructure development.

The company also provides operations and maintenance, asset management and optimization services intended to support the long-term performance and reliability of renewable energy facilities. SOLV Energy serves utility, commercial and institutional customers, primarily across the United States.

The company was previously known as Swinerton Renewable Energy and adopted the SOLV Energy name in 2021.