Sunnova Energy International (NYSE:NOVA) Shares Gap Up After Earnings Beat

Sunnova Energy International Inc. (NYSE:NOVA)’s share price gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $3.53, but opened at $3.94. Sunnova Energy International shares last traded at $4.17, with a volume of 7,090,301 shares trading hands.

The company reported ($0.57) EPS for the quarter, beating analysts’ consensus estimates of ($0.79) by $0.22. The business had revenue of $160.90 million for the quarter, compared to the consensus estimate of $193.78 million. Sunnova Energy International had a negative net margin of 56.52% and a negative return on equity of 12.35%. The business’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.70) EPS.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on NOVA shares. Susquehanna decreased their price target on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a report on Friday, April 5th. Truist Financial lowered their price target on shares of Sunnova Energy International from $16.00 to $9.00 and set a “buy” rating for the company in a report on Tuesday. Northland Securities reaffirmed a “market perform” rating and set a $9.00 price target (down previously from $12.00) on shares of Sunnova Energy International in a research note on Friday, February 23rd. Morgan Stanley reissued an “equal weight” rating and issued a $14.00 price objective (down from $24.00) on shares of Sunnova Energy International in a research report on Monday, March 4th. Finally, Evercore ISI lowered their target price on Sunnova Energy International from $26.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday. Seven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Sunnova Energy International presently has a consensus rating of “Moderate Buy” and an average price target of $16.71.

Insider Buying and Selling

In related news, Director Akbar Mohamed purchased 152,450 shares of the company’s stock in a transaction dated Wednesday, February 28th. The shares were acquired at an average cost of $6.92 per share, for a total transaction of $1,054,954.00. Following the transaction, the director now owns 236,139 shares of the company’s stock, valued at $1,634,081.88. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Akbar Mohamed purchased 152,450 shares of Sunnova Energy International stock in a transaction dated Wednesday, February 28th. The stock was bought at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the acquisition, the director now owns 236,139 shares in the company, valued at approximately $1,634,081.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total transaction of $50,445.00. Following the transaction, the insider now owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The disclosure for this sale can be found here. Insiders have sold a total of 23,580 shares of company stock worth $137,382 over the last quarter. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in NOVA. GSA Capital Partners LLP increased its holdings in shares of Sunnova Energy International by 100.5% during the first quarter. GSA Capital Partners LLP now owns 109,710 shares of the company’s stock valued at $673,000 after purchasing an additional 55,000 shares during the period. BI Asset Management Fondsmaeglerselskab A S increased its stake in Sunnova Energy International by 129.9% during the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,788 shares of the company’s stock valued at $72,000 after buying an additional 6,661 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its stake in Sunnova Energy International by 7.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 102,766 shares of the company’s stock valued at $630,000 after buying an additional 6,751 shares during the period. Busey Bank bought a new stake in shares of Sunnova Energy International during the 1st quarter worth about $250,000. Finally, Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of Sunnova Energy International in the 1st quarter worth approximately $25,000.

Sunnova Energy International Stock Up 8.3 %

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 $592.57 million, a P/E ratio of -1.43 and a beta of 2.15. The firm’s fifty day moving average price is $5.11 and its 200-day moving average price is $9.15.

About Sunnova Energy International

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.