Sunnova Energy International Inc. Forecasted to Post Q2 2024 Earnings of ($0.43) Per Share (NYSE:NOVA)

Sunnova Energy International Inc. (NYSE:NOVA) – Analysts at Roth Capital reduced their Q2 2024 earnings estimates for shares of Sunnova Energy International in a research note issued to investors on Thursday, May 2nd. Roth Capital analyst P. Shen now forecasts that the company will post earnings per share of ($0.43) for the quarter, down from their previous estimate of ($0.41). The consensus estimate for Sunnova Energy International’s current full-year earnings is ($2.39) per share. Roth Capital also issued estimates for Sunnova Energy International’s Q3 2024 earnings at ($0.06) EPS, FY2024 earnings at ($1.01) EPS, Q1 2025 earnings at ($0.43) EPS, Q2 2025 earnings at ($0.25) EPS, Q3 2025 earnings at ($0.02) EPS and FY2025 earnings at ($0.70) EPS.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings results on Wednesday, May 1st. The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.22. The business had revenue of $160.90 million during the quarter, compared to analyst estimates of $193.78 million. Sunnova Energy International had a negative net margin of 56.52% and a negative return on equity of 12.10%. The company’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the business posted ($0.70) earnings per share.

Other analysts have also issued research reports about the company. BMO Capital Markets dropped their price objective on Sunnova Energy International from $10.00 to $6.00 and set a “market perform” rating for the company in a research note on Friday. Robert W. Baird dropped their price target on shares of Sunnova Energy International from $14.00 to $12.00 and set an “outperform” rating for the company in a research report on Friday. Janney Montgomery Scott upgraded shares of Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Friday, March 22nd. Evercore ISI lowered their price objective on shares of Sunnova Energy International from $26.00 to $17.00 and set an “outperform” rating for the company in a research note on Friday. Finally, Mizuho cut their target price on Sunnova Energy International from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.71.

Sunnova Energy International Trading Down 2.5 %

Shares of NOVA stock opened at $4.67 on Monday. The business has a 50-day moving average of $5.05 and a 200 day moving average of $9.09. The company has a debt-to-equity ratio of 3.41, a current ratio of 0.74 and a quick ratio of 0.74. Sunnova Energy International has a 1-year low of $3.37 and a 1-year high of $24.56. The stock has a market capitalization of $578.99 million, a PE ratio of -1.39 and a beta of 2.15.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of NOVA. Kayne Anderson Capital Advisors LP purchased a new position in Sunnova Energy International in the 1st quarter worth about $1,846,000. GSA Capital Partners LLP lifted its position in 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 boosted its holdings in Sunnova Energy International by 129.9% in the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,788 shares of the company’s stock worth $72,000 after purchasing an additional 6,661 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Sunnova Energy International by 7.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 102,766 shares of the company’s stock worth $630,000 after purchasing an additional 6,751 shares during the period. Finally, Busey Bank purchased a new stake in Sunnova Energy International during the 1st quarter valued at $250,000.

Insider Activity

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

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.