Sunnova Energy International (NYSE:NOVA) Shares Gap Up – Should You Buy?

Sunnova Energy International Inc. (NYSE:NOVA) shares gapped up prior to trading on Tuesday . The stock had previously closed at $4.00, but opened at $4.20. Sunnova Energy International shares last traded at $4.09, with a volume of 2,616,808 shares.

Wall Street Analyst Weigh In

A number of research firms have weighed in on NOVA. Robert W. Baird lowered their target price on Sunnova Energy International from $18.00 to $12.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. BMO Capital Markets reiterated a “market perform” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Sunnova Energy International in a research note on Friday, November 1st. Deutsche Bank Aktiengesellschaft cut their target price on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a research report on Friday, November 1st. BNP Paribas downgraded shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price target on the stock. in a research report on Friday, November 8th. Finally, Jefferies Financial Group initiated coverage on shares of Sunnova Energy International in a research report on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective for the company. One analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $10.63.

Sunnova Energy International Stock Performance

The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86. The firm’s 50-day moving average price is $4.99 and its 200-day moving average price is $6.95. The stock has a market cap of $519.80 million, a P/E ratio of -1.19 and a beta of 2.22.

Sunnova Energy International (NYSE:NOVA) last released its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). The firm had revenue of $235.30 million during the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The business’s revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.53) EPS. Sell-side analysts expect that Sunnova Energy International Inc. will post -2.44 earnings per share for the current fiscal year.

Insider Buying and Selling at Sunnova Energy International

In related news, Director Akbar Mohamed bought 50,000 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $3.64 per share, with a total value of $182,000.00. Following the transaction, the director now owns 352,654 shares in the company, valued at $1,283,660.56. This trade represents a 16.52 % increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Eric Michael Williams purchased 13,800 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $3.60 per share, for a total transaction of $49,680.00. Following the acquisition, the chief financial officer now directly owns 13,800 shares in the company, valued at $49,680. This trade represents a ∞ increase in their position. The disclosure for this purchase can be found here. Insiders acquired 118,517 shares of company stock worth $439,605 over the last 90 days. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of large investors have recently made changes to their positions in NOVA. First Trust Direct Indexing L.P. grew its position in Sunnova Energy International by 11.6% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock valued at $189,000 after acquiring an additional 2,016 shares during the last quarter. Ballentine Partners LLC boosted its stake in shares of Sunnova Energy International by 15.9% during the third quarter. Ballentine Partners LLC now owns 21,515 shares of the company’s stock valued at $210,000 after purchasing an additional 2,956 shares during the period. International Assets Investment Management LLC grew its holdings in shares of Sunnova Energy International by 37,400.0% in the third quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock worth $308,000 after purchasing an additional 2,992 shares during the last quarter. Peapack Gladstone Financial Corp increased its stake in Sunnova Energy International by 11.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 32,200 shares of the company’s stock worth $314,000 after buying an additional 3,200 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Sunnova Energy International by 6.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 56,487 shares of the company’s stock valued at $315,000 after buying an additional 3,559 shares in the last quarter.

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.