Sunnova Energy International (NYSE:NOVA) Trading Down 5.5% Following Insider Selling

Sunnova Energy International Inc. (NYSE:NOVA)’s share price dropped 5.5% on Tuesday after an insider sold shares in the company. The company traded as low as $10.73 and last traded at $10.74. Approximately 569,825 shares traded hands during trading, a decline of 93% from the average daily volume of 8,191,420 shares. The stock had previously closed at $11.36.

Specifically, insider William J. Berger sold 77,000 shares of Sunnova Energy International stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.31, for a total value of $870,870.00. Following the completion of the transaction, the insider now owns 409,045 shares of the company’s stock, valued at approximately $4,626,298.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website.

Analysts Set New Price Targets

NOVA has been the topic of several analyst reports. Morgan Stanley upped their target price on shares of Sunnova Energy International from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 21st. Guggenheim boosted their price target on Sunnova Energy International from $7.00 to $10.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Evercore ISI dropped their price objective on Sunnova Energy International from $26.00 to $17.00 and set an “outperform” rating on the stock in a research report on Friday, May 3rd. Scotiabank boosted their target price on Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 6th. Finally, Barclays dropped their price target on shares of Sunnova Energy International from $18.00 to $12.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. Eight investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.26.

Sunnova Energy International Stock Performance

The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 3.41. The business has a 50 day moving average price of $7.12 and a two-hundred day moving average price of $6.21. The stock has a market cap of $1.33 billion, a P/E ratio of -3.19 and a beta of 2.19.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.27. The business had revenue of $219.60 million during the quarter, compared to the consensus estimate of $220.38 million. Sunnova Energy International had a negative return on equity of 9.28% and a negative net margin of 45.76%. The firm’s revenue for the quarter was up 32.0% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.74) EPS. On average, sell-side analysts forecast that Sunnova Energy International Inc. will post -1.89 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Sunnova Energy International

A number of hedge funds and other institutional investors have recently modified their holdings of NOVA. Manchester Capital Management LLC boosted its stake in Sunnova Energy International by 2,959.7% during the fourth quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after buying an additional 1,835 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of Sunnova Energy International during the 1st quarter worth approximately $25,000. Peoples Bank KS bought a new position in shares of Sunnova Energy International during the 2nd quarter valued at approximately $56,000. Caxton Associates LP purchased a new position in shares of Sunnova Energy International in the first quarter valued at $62,000. Finally, Headlands Technologies LLC bought a new stake in Sunnova Energy International in the fourth quarter worth $157,000.

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.