Wolfe Research Downgrades Sunnova Energy International (NYSE:NOVA) to Hold

Sunnova Energy International (NYSE:NOVA) was downgraded by research analysts at Wolfe Research from a “strong-buy” rating to a “hold” rating in a report released on Monday, Zacks.com reports.

Other equities research analysts have also issued reports about the stock. Morgan Stanley boosted their price objective on shares of Sunnova Energy International from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research report on Wednesday, August 21st. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating on the stock in a report on Friday, November 1st. Jefferies Financial Group started coverage on shares of Sunnova Energy International in a research note on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective for the company. Scotiabank upped their target price on Sunnova Energy International from $10.00 to $14.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 6th. Finally, Piper Sandler raised their price target on Sunnova Energy International from $7.00 to $8.00 and gave the stock a “neutral” rating in a research report on Monday, August 12th. Eight research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $11.61.

Sunnova Energy International Stock Up 7.9 %

Sunnova Energy International stock opened at $7.07 on Monday. The stock’s 50 day moving average price is $8.59 and its 200 day moving average price is $6.93. Sunnova Energy International has a 1-year low of $3.37 and a 1-year high of $16.35. The company has a market cap of $882.14 million, a PE ratio of -2.11 and a beta of 2.26. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The company had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. During the same quarter in the previous year, the business posted ($0.53) earnings per share. Sunnova Energy International’s revenue was up 18.6% on a year-over-year basis. On average, sell-side analysts predict that Sunnova Energy International will post -2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider William J. Berger sold 77,000 shares of Sunnova Energy International stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.31, for a total value of $870,870.00. Following the transaction, the insider now directly owns 409,045 shares of the company’s stock, valued at $4,626,298.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. 4.50% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of hedge funds have recently made changes to their positions in NOVA. First Affirmative Financial Network raised its position in Sunnova Energy International by 12.9% in the second quarter. First Affirmative Financial Network now owns 14,829 shares of the company’s stock valued at $83,000 after purchasing an additional 1,691 shares during the period. First Trust Direct Indexing L.P. grew its stake in shares of Sunnova Energy International by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock valued at $189,000 after buying an additional 2,016 shares in the last quarter. Ballentine Partners LLC boosted its holdings in Sunnova Energy International by 15.9% in the 3rd quarter. Ballentine Partners LLC now owns 21,515 shares of the company’s stock worth $210,000 after acquiring an additional 2,956 shares during the period. International Assets Investment Management LLC grew its position in Sunnova Energy International by 37,400.0% in the third quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock valued at $308,000 after acquiring an additional 2,992 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its stake in shares of Sunnova Energy International by 6.7% during the second quarter. The Manufacturers Life Insurance Company now owns 56,487 shares of the company’s stock valued at $315,000 after purchasing an additional 3,559 shares during the period.

About Sunnova Energy International

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.