Traders Purchase Large Volume of Put Options on Sunnova Energy International (NYSE:NOVA)

Sunnova Energy International Inc. (NYSE:NOVA) was the target of unusually large options trading on Tuesday. Stock traders acquired 6,177 put options on the company. This represents an increase of approximately 102% compared to the typical daily volume of 3,055 put options.

Sunnova Energy International Stock Performance

NYSE NOVA traded up $0.23 during trading hours on Tuesday, reaching $12.05. The stock had a trading volume of 1,534,330 shares, compared to its average volume of 4,007,579. The stock has a fifty day moving average of $16.21 and a 200 day moving average of $16.48. The stock has a market cap of $1.40 billion, a P/E ratio of -5.47 and a beta of 2.06. Sunnova Energy International has a 52-week low of $11.57 and a 52-week high of $28.02. The company has a debt-to-equity ratio of 3.24, a quick ratio of 1.29 and a current ratio of 1.29.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings results on Wednesday, July 26th. The company reported ($0.74) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.37) by ($0.37). Sunnova Energy International had a negative net margin of 37.16% and a negative return on equity of 15.78%. The company had revenue of $166.38 million during the quarter, compared to analyst estimates of $195.53 million. During the same period in the previous year, the firm posted ($0.32) earnings per share. The company’s revenue was up 13.2% compared to the same quarter last year. Sell-side analysts predict that Sunnova Energy International will post -1.7 earnings per share for the current year.

Insiders Place Their Bets

In other Sunnova Energy International news, insider William J. Berger sold 47,150 shares of the stock in a transaction on Tuesday, August 1st. The stock was sold at an average price of $17.86, for a total value of $842,099.00. Following the sale, the insider now owns 365,222 shares in the company, valued at $6,522,864.92. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 4.40% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Marshall Wace LLP increased its position in shares of Sunnova Energy International by 748.5% during the second quarter. Marshall Wace LLP now owns 1,694,284 shares of the company’s stock valued at $31,022,000 after acquiring an additional 1,494,614 shares during the last quarter. CIBC Private Wealth Group LLC grew its holdings in shares of Sunnova Energy International by 64.2% in the first quarter. CIBC Private Wealth Group LLC now owns 3,236,385 shares of the company’s stock valued at $127,805,000 after purchasing an additional 1,265,567 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Sunnova Energy International by 39.7% in the first quarter. Dimensional Fund Advisors LP now owns 3,241,007 shares of the company’s stock valued at $50,618,000 after purchasing an additional 921,583 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its holdings in shares of Sunnova Energy International by 136.7% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,481,555 shares of the company’s stock valued at $23,142,000 after purchasing an additional 855,516 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of Sunnova Energy International in the fourth quarter valued at approximately $14,254,000.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on NOVA. Susquehanna dropped their price target on Sunnova Energy International from $34.00 to $32.00 and set a “positive” rating on the stock in a research report on Friday, July 28th. Barclays lifted their target price on Sunnova Energy International from $27.00 to $29.00 in a research note on Thursday, July 13th. Truist Financial reiterated a “buy” rating and issued a $35.00 target price on shares of Sunnova Energy International in a research note on Friday, July 14th. Guggenheim cut their target price on Sunnova Energy International from $63.00 to $30.00 and set a “buy” rating on the stock in a research note on Tuesday, August 8th. Finally, KeyCorp cut their target price on Sunnova Energy International from $39.00 to $31.00 and set an “overweight” rating on the stock in a research note on Thursday, August 17th. Five research analysts have rated the stock with a hold rating, nineteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Sunnova Energy International currently has an average rating of “Moderate Buy” and an average target price of $31.79.

Sunnova Energy International Company Profile

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.