Sunnova Energy International (NYSE:NOVA) Shares Gap Up After Better-Than-Expected Earnings

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price gapped up before the market opened on Thursday following a stronger than expected earnings report. The stock had previously closed at $3.53, but opened at $3.94. Sunnova Energy International shares last traded at $4.17, with a volume of 7,090,301 shares trading hands.

The company reported ($0.57) EPS for the quarter, topping analysts’ consensus estimates of ($0.79) by $0.22. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. The business had revenue of $160.90 million for the quarter, compared to analyst estimates of $193.78 million. During the same period last year, the firm earned ($0.70) earnings per share. Sunnova Energy International’s revenue for the quarter was down .5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

NOVA has been the topic of a number of analyst reports. KeyCorp downgraded shares of Sunnova Energy International from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 23rd. B. Riley reduced their price objective on shares of Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Susquehanna reduced their price target on shares of Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating on the stock in a research note on Friday, April 5th. Scotiabank reduced their price target on shares of Sunnova Energy International from $20.00 to $10.00 and set a “sector outperform” rating on the stock in a research note on Monday. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $6.00 price target (down from $11.00) on shares of Sunnova Energy International in a research note on Friday, April 19th. Seven investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $17.86.

Insider Activity at Sunnova Energy International

In related news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction on Monday, March 11th. The shares were sold at an average price of $5.31, for a total value of $50,445.00. Following the completion of the sale, the insider now owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Sunnova Energy International news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction on Monday, March 11th. The shares were sold at an average price of $5.31, for a total transaction of $50,445.00. Following the transaction, the insider now directly owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Akbar Mohamed acquired 152,450 shares of the business’s stock in a transaction on Wednesday, February 28th. The shares were purchased at an average cost of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the acquisition, the director now directly owns 236,139 shares in the company, valued at $1,634,081.88. The disclosure for this purchase can be found here. In the last 90 days, insiders sold 23,580 shares of company stock valued at $137,382. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

Hedge funds have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Sunnova Energy International by 2.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 45,491 shares of the company’s stock valued at $663,000 after buying an additional 1,094 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its stake in Sunnova Energy International by 3.6% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,397 shares of the company’s stock worth $465,000 after buying an additional 1,528 shares in the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Sunnova Energy International by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 20,898 shares of the company’s stock worth $325,000 after buying an additional 1,554 shares in the last quarter. Principal Financial Group Inc. boosted its stake in Sunnova Energy International by 14.0% in the third quarter. Principal Financial Group Inc. now owns 12,893 shares of the company’s stock worth $135,000 after buying an additional 1,584 shares in the last quarter. Finally, Manchester Capital Management LLC boosted its stake in Sunnova Energy International by 2,959.7% in the fourth quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock worth $29,000 after buying an additional 1,835 shares in the last quarter.

Sunnova Energy International Stock Performance

The firm has a market cap of $526.32 million, a PE ratio of -1.13 and a beta of 2.15. The company has a 50 day simple moving average of $5.19 and a 200-day simple moving average of $9.19. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85.

Sunnova Energy International Company Profile

Sunnova Energy International Inc engages in the provision of energy as a service 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 solar energy system and energy storage system diagnostics services.