Sunnova Energy International (NYSE:NOVA) Stock Price Down 6.3% Following Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVAGet Rating)’s stock price fell 6.3% on Thursday after Piper Sandler lowered their price target on the stock from $36.00 to $33.00. The company traded as low as $17.08 and last traded at $17.08. 26,553 shares changed hands during mid-day trading, a decline of 99% from the average session volume of 2,971,541 shares. The stock had previously closed at $18.23.

Other equities analysts also recently issued reports about the company. Raymond James cut their target price on Sunnova Energy International from $50.00 to $32.00 and set a “strong-buy” rating for the company in a research note on Thursday, February 24th. Truist Financial lowered their price target on shares of Sunnova Energy International from $53.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday, January 24th. The Goldman Sachs Group downgraded shares of Sunnova Energy International from a “conviction-buy” rating to a “buy” rating in a report on Sunday, January 9th. Zacks Investment Research upgraded shares of Sunnova Energy International from a “sell” rating to a “hold” rating in a research report on Tuesday, January 25th. Finally, Robert W. Baird reduced their price target on shares of Sunnova Energy International from $56.00 to $46.00 in a research report on Monday, February 28th. One research analyst has rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $47.79.

In related news, insider Chris Hayden sold 3,780 shares of the stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $21.71, for a total transaction of $82,063.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Akbar Mohamed purchased 10,000 shares of the stock in a transaction on Thursday, March 3rd. The stock was acquired at an average price of $19.09 per share, with a total value of $190,900.00. The disclosure for this purchase can be found here. 4.10% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Sunnova Energy International by 35.1% in the fourth quarter. BlackRock Inc. now owns 16,269,269 shares of the company’s stock valued at $454,237,000 after acquiring an additional 4,231,302 shares during the last quarter. Morgan Stanley raised its holdings in Sunnova Energy International by 211.2% in the third quarter. Morgan Stanley now owns 2,007,897 shares of the company’s stock valued at $66,139,000 after buying an additional 1,362,613 shares during the period. Pictet Asset Management SA lifted its position in Sunnova Energy International by 20.0% during the fourth quarter. Pictet Asset Management SA now owns 5,122,156 shares of the company’s stock valued at $143,011,000 after buying an additional 852,226 shares in the last quarter. Norges Bank acquired a new stake in shares of Sunnova Energy International in the fourth quarter worth $21,387,000. Finally, Invesco Ltd. raised its stake in shares of Sunnova Energy International by 18.0% in the 4th quarter. Invesco Ltd. now owns 4,338,719 shares of the company’s stock valued at $121,137,000 after acquiring an additional 662,987 shares during the period.

The firm has a fifty day moving average of $21.37 and a 200-day moving average of $27.25. The company has a debt-to-equity ratio of 2.12, a quick ratio of 1.98 and a current ratio of 1.98. The stock has a market capitalization of $1.81 billion, a price-to-earnings ratio of -12.65 and a beta of 2.21.

Sunnova Energy International (NYSE:NOVAGet Rating) last posted its earnings results on Wednesday, February 23rd. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.09. The business had revenue of $65.02 million during the quarter, compared to analyst estimates of $64.66 million. Sunnova Energy International had a negative return on equity of 10.44% and a negative net margin of 57.14%. On average, analysts predict that Sunnova Energy International Inc. will post -1.06 EPS for the current year.

Sunnova Energy International Company Profile (NYSE:NOVA)

Sunnova Energy International Inc provides residential energy services 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 diagnostics services. As of December 31, 2021, it operated a fleet of residential solar energy systems with a generation capacity of approximately 1,140 megawatts serving over 195,000 customers.

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