Sunnova Energy International (NYSE:NOVA) Downgraded by KeyCorp

KeyCorp cut shares of Sunnova Energy International (NYSE:NOVA) from an overweight rating to a sector weight rating in a research report released on Tuesday, Marketbeat.com reports. KeyCorp also issued estimates for Sunnova Energy International’s Q1 2024 earnings at ($0.77) EPS, Q2 2024 earnings at ($0.83) EPS and Q3 2024 earnings at ($0.39) EPS.

Other analysts have also recently issued research reports about the company. Mizuho dropped their target price on Sunnova Energy International from $21.00 to $17.00 and set a buy rating on the stock in a research report on Friday, April 19th. Susquehanna dropped their target price on Sunnova Energy International from $20.00 to $12.00 and set a positive rating on the stock in a research report on Friday, April 5th. 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 report on Monday, March 4th. The Goldman Sachs Group dropped their target price on Sunnova Energy International from $14.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, April 11th. Finally, 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 report on Friday, April 19th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $18.48.

Sunnova Energy International Trading Up 8.7 %

NOVA opened at $4.00 on Tuesday. The stock’s fifty day moving average is $5.63 and its two-hundred day moving average is $9.32. The company has a market capitalization of $495.36 million, a P/E ratio of -1.14 and a beta of 2.08. Sunnova Energy International has a 52 week low of $3.52 and a 52 week high of $24.56. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.58.

Sunnova Energy International (NYSE:NOVA) last released its quarterly earnings data on Wednesday, February 21st. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.04. The company had revenue of $194.18 million for the quarter, compared to the consensus estimate of $226.09 million. Sunnova Energy International had a negative return on equity of 13.26% and a negative net margin of 58.00%. Analysts forecast that Sunnova Energy International will post -2.37 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Akbar Mohamed purchased 152,450 shares of the stock in a transaction on 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 transaction, the director now owns 236,139 shares in the company, valued at approximately $1,634,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Sunnova Energy International news, insider Jack O. Lynch III sold 12,994 shares of Sunnova Energy International stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $6.21, for a total transaction of $80,692.74. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Akbar Mohamed acquired 152,450 shares of Sunnova Energy International stock in a transaction on Wednesday, February 28th. The shares were bought at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the purchase, 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. In the last 90 days, insiders sold 23,580 shares of company stock valued at $137,382. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of institutional investors have recently modified their holdings of the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in shares of Sunnova Energy International in the 1st quarter valued at about $25,000. Manchester Capital Management LLC increased its stake in shares of Sunnova Energy International by 2,959.7% in the 4th quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after purchasing an additional 1,835 shares in the last quarter. First Trust Direct Indexing L.P. purchased a new position in shares of Sunnova Energy International in the 1st quarter valued at about $66,000. Allspring Global Investments Holdings LLC increased its stake in shares of Sunnova Energy International by 158.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 7,036 shares of the company’s stock valued at $74,000 after purchasing an additional 4,310 shares in the last quarter. Finally, NewEdge Wealth LLC purchased a new position in shares of Sunnova Energy International in the 3rd quarter valued at about $125,000.

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.