Sunnova Energy International (NYSE:NOVA) Shares Gap Down After Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price gapped down prior to trading on Tuesday after KeyCorp downgraded the stock from an overweight rating to a sector weight rating. The stock had previously closed at $3.82, but opened at $3.71. Sunnova Energy International shares last traded at $4.13, with a volume of 1,658,250 shares traded.

Other research analysts have also recently issued research reports about the company. Evercore ISI decreased their price target on Sunnova Energy International from $29.00 to $26.00 and set an “outperform” rating for the company in a research note on Friday, February 23rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $14.00 target price (down previously from $24.00) on shares of Sunnova Energy International in a research note on Monday, March 4th. B. Riley decreased their target price on Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Monday. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $6.00 target price (down previously from $11.00) on shares of Sunnova Energy International in a research note on Friday, April 19th. Finally, Susquehanna decreased their target price on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a research note on Friday, April 5th. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $18.48.

Insider Activity at Sunnova Energy International

In related news, Director Akbar Mohamed acquired 152,450 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were purchased at an average cost of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the transaction, the director now owns 236,139 shares of the company’s stock, valued at approximately $1,634,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Sunnova Energy International news, Director Akbar Mohamed bought 152,450 shares of the firm’s stock in a transaction on Wednesday, February 28th. The stock was bought at an average cost of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the transaction, the director now directly owns 236,139 shares of the company’s stock, valued at approximately $1,634,081.88. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jack O. Lynch III sold 12,994 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $6.21, for a total transaction of $80,692.74. The disclosure for this sale can be found here. Over the last three months, insiders have sold 23,580 shares of company stock valued at $137,382. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Sunnova Energy International

Several large investors have recently added to or reduced their stakes in NOVA. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new stake in Sunnova Energy International in the first quarter worth approximately $25,000. Manchester Capital Management LLC grew its position in Sunnova Energy International by 2,959.7% in the fourth quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock worth $29,000 after acquiring an additional 1,835 shares in the last quarter. First Trust Direct Indexing L.P. bought a new stake in Sunnova Energy International in the first quarter worth approximately $66,000. Allspring Global Investments Holdings LLC grew its position in Sunnova Energy International by 158.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,036 shares of the company’s stock worth $74,000 after acquiring an additional 4,310 shares in the last quarter. Finally, NewEdge Wealth LLC acquired a new stake in shares of Sunnova Energy International in the third quarter worth $125,000.

Sunnova Energy International Price Performance

The stock’s 50 day moving average price is $5.94 and its two-hundred day moving average price is $9.40. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85. The firm has a market capitalization of $485.45 million, a price-to-earnings ratio of -1.12 and a beta of 2.08.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.20) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.04. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. The business had revenue of $194.18 million during the quarter, compared to analysts’ expectations of $226.09 million. On average, equities research analysts anticipate that Sunnova Energy International Inc. will post -2.28 EPS for the current year.

Sunnova Energy International Company Profile

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.