SOLV Energy (NASDAQ:MWH) Stock Price Crosses Above Fifty Day Moving Average – Here’s What Happened

SOLV Energy Inc. (NASDAQ:MWH) shares passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $24.98 and traded as high as $27.22. SOLV Energy shares last traded at $26.81, with a volume of 2,173,061 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on MWH. JPMorgan Chase & Co. decreased their price target on SOLV Energy from $43.00 to $34.00 and set an “overweight” rating on the stock in a research note on Monday, October 19th. Canadian Imperial Bank of Commerce reiterated 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 lifted their price objective on SOLV Energy from $32.00 to $35.00 and gave the company a “buy” rating in a report on Tuesday, August 25th. Zacks Research downgraded shares of SOLV Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 8th. Finally, KeyCorp lowered their target price 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 equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $38.55.

SOLV Energy Price Performance

The stock has a market capitalization of $5.43 billion and a P/E ratio of 89.37. The company’s 50 day simple moving average is $24.98 and its two-hundred day simple moving average is $30.32. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09.

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

Institutional Investors Weigh In On SOLV Energy

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