Sunnova Energy International (NYSE:NOVA) Hits New 52-Week Low on Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price reached a new 52-week low on Monday after JPMorgan Chase & Co. lowered their price target on the stock from $32.00 to $29.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Sunnova Energy International traded as low as $11.97 and last traded at $12.06, with a volume of 1461301 shares changing hands. The stock had previously closed at $12.86.

Other equities research analysts also recently issued reports about the company. Barclays increased their price target on Sunnova Energy International from $27.00 to $29.00 in a report on Thursday, July 13th. Bank of America increased their price target on Sunnova Energy International from $25.00 to $27.00 in a report on Wednesday, July 19th. Guggenheim lowered their price target on Sunnova Energy International from $63.00 to $30.00 and set a “buy” rating for the company in a report on Tuesday, August 8th. Truist Financial reiterated a “buy” rating and set a $35.00 price objective on shares of Sunnova Energy International in a report on Friday, July 14th. Finally, B. Riley decreased their price objective on Sunnova Energy International from $31.00 to $27.00 and set a “buy” rating for the company in a report on Friday, June 30th. Five investment analysts have rated the stock with a hold rating, nineteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Sunnova Energy International presently has an average rating of “Moderate Buy” and an average price target of $31.79.

Insiders Place Their Bets

In other Sunnova Energy International news, insider William J. Berger sold 47,150 shares of Sunnova Energy International stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $17.86, for a total transaction of $842,099.00. Following the transaction, the insider now directly owns 365,222 shares of the company’s stock, valued at approximately $6,522,864.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 4.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in NOVA. Marshall Wace LLP raised its stake in Sunnova Energy International by 748.5% during the 2nd quarter. Marshall Wace LLP now owns 1,694,284 shares of the company’s stock worth $31,022,000 after buying an additional 1,494,614 shares during the period. CIBC Private Wealth Group LLC increased its holdings in Sunnova Energy International by 64.2% during the 1st quarter. CIBC Private Wealth Group LLC now owns 3,236,385 shares of the company’s stock worth $127,805,000 after purchasing an additional 1,265,567 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Sunnova Energy International by 39.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,241,007 shares of the company’s stock worth $50,618,000 after purchasing an additional 921,583 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Sunnova Energy International by 136.7% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,481,555 shares of the company’s stock worth $23,142,000 after purchasing an additional 855,516 shares in the last quarter. Finally, Norges Bank bought a new stake in Sunnova Energy International during the 4th quarter worth approximately $14,254,000.

Sunnova Energy International Price Performance

The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 3.24. The business has a fifty day simple moving average of $16.35 and a 200 day simple moving average of $16.52. The stock has a market capitalization of $1.40 billion, a P/E ratio of -5.62 and a beta of 2.06.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, July 26th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.37) by ($0.37). The business had revenue of $166.38 million during the quarter, compared to the consensus estimate of $195.53 million. Sunnova Energy International had a negative net margin of 37.16% and a negative return on equity of 15.78%. The business’s revenue was up 13.2% on a year-over-year basis. During the same period in the prior year, the company earned ($0.32) earnings per share. On average, analysts expect that Sunnova Energy International Inc. will post -1.7 earnings per share for the current year.

About Sunnova Energy International

Sunnova Energy International Inc provides 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 diagnostics services. As of December 31, 2022, it operated a fleet of residential solar energy systems with a generation capacity of approximately 1,627 megawatts serving over 279,000 customers.