SOLV Energy (NASDAQ:MWH) Shares Climb 10.5% – Should You Buy?

SOLV Energy Inc. (NASDAQ:MWH) shares were up 10.5% during trading on Tuesday. The stock traded as high as $26.31 and last traded at $26.5190. Approximately 235,513 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 1,524,187 shares. The stock had previously closed at $24.00.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the company. Robert W. Baird lowered their price target on SOLV Energy from $50.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, August 14th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $42.00 price objective on shares of SOLV Energy in a research note on Friday, August 14th. TD Cowen raised their price target on SOLV Energy from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, August 25th. JPMorgan Chase & Co. dropped their price objective on SOLV Energy from $43.00 to $34.00 and set an “overweight” rating for the company in a report on Monday, October 19th. Finally, KeyCorp cut their price target on shares of SOLV Energy from $43.00 to $35.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $38.55.

SOLV Energy Stock Performance

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. The company has a market capitalization of $4.82 billion and a price-to-earnings ratio of 79.40. The company’s fifty day simple moving average is $24.86 and its two-hundred day simple moving average is $30.26.

SOLV Energy (NASDAQ:MWH) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. The firm’s revenue for the quarter was up 77.4% compared to the same quarter last year. Equities research analysts predict that SOLV Energy Inc. will post 1.22 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SOLV Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Wellington Management Group LLP acquired a new position in shares of SOLV Energy during the 2nd quarter valued at $4,852,000. American Securities LLC purchased a new position in SOLV Energy in the 2nd quarter worth about $2,823,440,000. Squarepoint Ops LLC acquired a new stake in SOLV Energy during the 2nd quarter worth about $4,037,000. Bank of New York Mellon Corp raised its holdings in SOLV Energy by 697.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock worth $3,359,000 after buying an additional 86,290 shares during the period. Finally, Tidal Investments LLC acquired a new stake in shares of SOLV Energy in the second quarter worth $1,675,000.

SOLV Energy Company Profile

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.