Sunnova Energy International (NYSE:NOVA) Price Target Cut to $39.00

Sunnova Energy International (NYSE:NOVA) had its price target cut by equities researchers at KeyCorp from $50.00 to $39.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the stock. KeyCorp’s price target would indicate a potential upside of 65.32% from the company’s current price.

Several other research firms have also recently issued reports on NOVA. B. Riley upped their price target on Sunnova Energy International from $52.00 to $54.00 and gave the company a “buy” rating in a report on Friday, October 29th. Royal Bank of Canada lowered their price target on shares of Sunnova Energy International from $61.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, December 2nd. Credit Suisse Group boosted their price target on shares of Sunnova Energy International from $61.00 to $63.00 and gave the company an “outperform” rating in a report on Monday, November 8th. Truist began coverage on shares of Sunnova Energy International in a report on Friday, October 15th. They set a “buy” rating and a $50.00 price target on the stock. Finally, BMO Capital Markets began coverage on shares of Sunnova Energy International in a report on Thursday, September 30th. They set an “outperform” rating and a $50.00 price target on the stock. One research analyst has rated the stock with a sell rating, fourteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Sunnova Energy International currently has an average rating of “Buy” and a consensus target price of $51.71.

Shares of NOVA opened at $23.59 on Thursday. The stock’s fifty day simple moving average is $32.24 and its 200 day simple moving average is $34.66. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 2.17. Sunnova Energy International has a twelve month low of $22.07 and a twelve month high of $55.55. The firm has a market capitalization of $2.65 billion, a P/E ratio of -11.29 and a beta of 2.06.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings data on Wednesday, October 27th. The company reported ($0.25) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.16) by ($0.09). The business had revenue of $68.90 million for the quarter, compared to analyst estimates of $67.31 million. Sunnova Energy International had a negative return on equity of 8.58% and a negative net margin of 100.43%. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. Sell-side analysts predict that Sunnova Energy International will post -1.29 earnings per share for the current year.

In other news, major shareholder Ecp Controlco, Llc sold 6,000,000 shares of the company’s stock in a transaction dated Monday, November 1st. The shares were sold at an average price of $41.28, for a total transaction of $247,680,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Michael C. Morgan sold 30,000 shares of the stock in a transaction dated Thursday, October 28th. The stock was sold at an average price of $44.33, for a total transaction of $1,329,900.00. The disclosure for this sale can be found here. In the last three months, insiders have sold 6,062,778 shares of company stock valued at $250,350,655. Company insiders own 4.10% of the company’s stock.

Institutional investors have recently modified their holdings of the business. Invesco Ltd. grew its holdings in Sunnova Energy International by 0.5% during the 2nd quarter. Invesco Ltd. now owns 3,593,330 shares of the company’s stock worth $135,324,000 after acquiring an additional 17,655 shares during the last quarter. Amalgamated Bank grew its position in Sunnova Energy International by 158.0% during the second quarter. Amalgamated Bank now owns 12,700 shares of the company’s stock valued at $478,000 after buying an additional 7,778 shares during the period. 1832 Asset Management L.P. grew its position in Sunnova Energy International by 343.4% during the second quarter. 1832 Asset Management L.P. now owns 426,987 shares of the company’s stock valued at $16,118,000 after buying an additional 330,687 shares during the period. Prudential Financial Inc. bought a new position in Sunnova Energy International during the second quarter valued at about $255,000. Finally, Marshall Wace LLP bought a new position in Sunnova Energy International during the second quarter worth about $2,765,000.

Sunnova Energy International Company Profile

Sunnova Energy International, Inc engages in providing solar and energy storage services. It also offers services to customers who purchased their solar energy system through unaffiliated third parties. The company was founded by William J. (John) Berger on October 22, 2012 and is headquartered in Houston, TX.

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