Sunnova Energy International (NYSE:NOVA) Trading Down 4.8% Following Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA) dropped 4.8% on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $9.00 to $6.25. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Sunnova Energy International traded as low as $5.74 and last traded at $5.78. Approximately 4,445,221 shares changed hands during mid-day trading, a decline of 43% from the average daily volume of 7,741,553 shares. The stock had previously closed at $6.07.

Other equities research analysts have also issued research reports about the stock. Robert W. Baird dropped their target price on shares of Sunnova Energy International from $18.00 to $12.00 and set an “outperform” rating for the company in a report on Friday. Piper Sandler increased their price objective on shares of Sunnova Energy International from $7.00 to $8.00 and gave the company a “neutral” rating in a report on Monday, August 12th. Scotiabank boosted their target price on Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 6th. Wells Fargo & Company increased their price target on Sunnova Energy International from $6.00 to $9.00 and gave the company an “equal weight” rating in a report on Tuesday, August 6th. Finally, Citigroup reduced their price objective on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Tuesday, October 22nd. Seven analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company. According to MarketBeat.com, Sunnova Energy International presently has a consensus rating of “Moderate Buy” and an average price target of $11.61.

Insiders Place Their Bets

In other news, insider William J. Berger sold 77,000 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $11.31, for a total transaction of $870,870.00. Following the sale, the insider now owns 409,045 shares of the company’s stock, valued at approximately $4,626,298.95. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

Institutional investors and hedge funds have recently made changes to their positions in the stock. Peoples Bank KS purchased a new position in Sunnova Energy International in the second quarter worth approximately $56,000. Caxton Associates LP purchased a new stake in shares of Sunnova Energy International during the 1st quarter worth $62,000. First Trust Direct Indexing L.P. acquired a new position in shares of Sunnova Energy International during the first quarter worth $66,000. Presidio Capital Management LLC purchased a new position in Sunnova Energy International in the second quarter valued at $67,000. Finally, nVerses Capital LLC raised its stake in Sunnova Energy International by 237.8% in the second quarter. nVerses Capital LLC now owns 12,500 shares of the company’s stock valued at $70,000 after buying an additional 8,800 shares in the last quarter.

Sunnova Energy International Price Performance

The stock has a fifty day simple moving average of $8.69 and a 200-day simple moving average of $6.86. The company has a market capitalization of $714.20 million, a PE ratio of -1.71 and a beta of 2.21. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.11.

Sunnova Energy International (NYSE:NOVA) last announced 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). The business had revenue of $235.30 million during the quarter, compared to analyst estimates of $238.23 million. Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.46%. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period last year, the company earned ($0.53) earnings per share. Equities analysts anticipate that Sunnova Energy International Inc. will post -1.99 earnings per share for the current year.

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.