SOLV Energy (NASDAQ:MWH) Shares Down 3.9% After Analyst Downgrade

SOLV Energy Inc. (NASDAQ:MWH)’s stock price fell 3.9% during mid-day trading on Tuesday after JPMorgan Chase & Co. lowered their price target on the stock from $43.00 to $34.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. SOLV Energy traded as low as $22.77 and last traded at $22.9160. 842,658 shares were traded during trading, a decline of 45% from the average session volume of 1,529,652 shares. The stock had previously closed at $23.85.

Other equities research analysts have also recently issued reports about the stock. Robert W. Baird lowered their price objective on shares of SOLV Energy from $50.00 to $42.00 and set an “outperform” rating on the stock in a research note on Friday, August 14th. TD Cowen lifted their target price on shares of SOLV Energy from $32.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, August 25th. Zacks Research downgraded shares of SOLV Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, September 8th. Weiss Ratings lowered shares of SOLV Energy from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Finally, KeyCorp dropped their price objective on shares of SOLV Energy from $43.00 to $35.00 and set an “overweight” rating for the company in a research note on Thursday, October 15th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $38.55.

Institutional Trading of SOLV Energy

Large investors have recently made changes to their positions in the stock. American Securities LLC purchased a new stake in SOLV Energy during the 2nd quarter worth about $2,823,440,000. Ninety One UK Ltd raised its stake in SOLV Energy by 422.7% in the 3rd quarter. Ninety One UK Ltd now owns 1,532,243 shares of the company’s stock valued at $36,804,000 after purchasing an additional 1,239,122 shares during the last quarter. Neumeier Poma Investment Counsel LLC purchased a new position in SOLV Energy in the 2nd quarter valued at about $18,320,262. Ninety One North America Inc. boosted its stake in shares of SOLV Energy by 317.4% during the 3rd quarter. Ninety One North America Inc. now owns 283,807 shares of the company’s stock worth $6,817,000 after purchasing an additional 215,812 shares during the last quarter. Finally, Wellington Management Group LLP acquired a new stake in shares of SOLV Energy during the 2nd quarter worth about $4,852,000.

SOLV Energy Trading Down 3.9%

The firm has a market capitalization of $4.64 billion and a PE ratio of 76.39. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The business’s fifty day moving average price is $26.42 and its 200 day moving average price is $31.11.

SOLV Energy (NASDAQ:MWH) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. The firm had revenue of $951.24 million during the quarter. The firm’s revenue for the quarter was up 77.4% on a year-over-year basis. As a group, analysts expect that SOLV Energy Inc. will post 1.22 EPS for the current fiscal year.

About SOLV Energy

SOLV Energy is a renewable energy company that provides engineering, procurement and construction (EPC) services for utility-scale solar power and battery energy storage projects. Its services span project design, construction management, commissioning and related infrastructure development.

The company also provides operations and maintenance, asset management and optimization services intended to support the long-term performance and reliability of renewable energy facilities. SOLV Energy serves utility, commercial and institutional customers, primarily across the United States.

The company was previously known as Swinerton Renewable Energy and adopted the SOLV Energy name in 2021.