Sunnova Energy International (NYSE:NOVA) Stock Price Up 18.9% After Insider Buying Activity

Sunnova Energy International Inc. (NYSE:NOVA) shares traded up 18.9% on Wednesday after an insider bought additional shares in the company. The company traded as high as $4.14 and last traded at $4.09. 5,827,341 shares traded hands during mid-day trading, a decline of 30% from the average session volume of 8,299,118 shares. The stock had previously closed at $3.44.

Specifically, CFO Eric Michael Williams purchased 13,800 shares of Sunnova Energy International stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average cost of $3.60 per share, with a total value of $49,680.00. Following the completion of the purchase, the chief financial officer now directly owns 13,800 shares in the company, valued at approximately $49,680. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Akbar Mohamed purchased 50,000 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average price of $3.64 per share, with a total value of $182,000.00. Following the completion of the purchase, the director now owns 352,654 shares in the company, valued at $1,283,660.56. This represents a 16.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In related news, Director Akbar Mohamed purchased 54,717 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were purchased at an average cost of $3.80 per share, with a total value of $207,924.60. Following the transaction, the director now directly owns 302,654 shares in the company, valued at $1,150,085.20. This trade represents a 22.07 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on the stock. Piper Sandler raised their price objective on shares of Sunnova Energy International from $7.00 to $8.00 and gave the company a “neutral” rating in a research note on Monday, August 12th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a report on Friday, November 1st. BMO Capital Markets reiterated a “market perform” rating and set a $8.00 target price (down from $10.00) on shares of Sunnova Energy International in a research note on Friday, November 1st. Royal Bank of Canada boosted their price target on Sunnova Energy International from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, The Goldman Sachs Group increased their price objective on Sunnova Energy International from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $10.89.

Sunnova Energy International Price Performance

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26. The stock has a market cap of $527.93 million, a P/E ratio of -1.26 and a beta of 2.26. The firm has a 50 day moving average price of $6.92 and a 200 day moving average price of $6.89.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). The firm had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. Sunnova Energy International’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) EPS. On average, analysts forecast that Sunnova Energy International Inc. will post -2.24 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in Sunnova Energy International by 56.7% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 14,142,487 shares of the company’s stock valued at $78,915,000 after acquiring an additional 5,118,552 shares during the period. Sylebra Capital LLC grew its position in shares of Sunnova Energy International by 125.6% during the third quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock worth $121,195,000 after purchasing an additional 6,926,399 shares in the last quarter. Vanguard Group Inc. raised its stake in Sunnova Energy International by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 10,568,045 shares of the company’s stock valued at $64,782,000 after purchasing an additional 81,653 shares during the period. Erste Asset Management GmbH purchased a new position in Sunnova Energy International in the 3rd quarter worth approximately $76,550,000. Finally, Handelsbanken Fonder AB boosted its stake in Sunnova Energy International by 9.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock worth $71,097,000 after purchasing an additional 611,452 shares during the period.

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.