Sunnova Energy International (NYSE:NOVA) Downgraded by Wells Fargo & Company to “Underweight”

Wells Fargo & Company cut shares of Sunnova Energy International (NYSE:NOVA) from an equal weight rating to an underweight rating in a research report sent to investors on Tuesday morning, Marketbeat Ratings reports. The firm currently has $0.50 price objective on the stock, down from their previous price objective of $4.00.

Several other analysts have also recently commented on the stock. Barclays reduced their target price on shares of Sunnova Energy International from $10.00 to $9.00 and set an “overweight” rating for the company in a research note on Wednesday, January 29th. JPMorgan Chase & Co. downgraded shares of Sunnova Energy International from an “overweight” rating to a “neutral” rating in a research report on Monday. Truist Financial cut Sunnova Energy International from a “buy” rating to a “hold” rating in a research report on Monday. TD Cowen began coverage on Sunnova Energy International in a report on Thursday, December 19th. They issued a “hold” rating and a $5.00 price target for the company. Finally, Robert W. Baird reaffirmed a “neutral” rating and set a $2.00 price objective (down previously from $9.00) on shares of Sunnova Energy International in a report on Monday. Two analysts have rated the stock with a sell rating, nineteen have assigned a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.59.

Sunnova Energy International Stock Performance

Shares of NOVA stock opened at $0.67 on Tuesday. The stock’s 50-day moving average price is $2.76 and its 200 day moving average price is $5.52. 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 capitalization of $83.84 million, a PE ratio of -0.20 and a beta of 2.28. Sunnova Energy International has a 52-week low of $0.47 and a 52-week high of $13.00.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Monday, March 3rd. The company reported ($2.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($2.17). 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 $224.13 million during the quarter, compared to analyst estimates of $235.85 million. During the same period in the previous year, the firm posted $0.37 EPS. As a group, equities research analysts forecast that Sunnova Energy International will post -2.63 EPS for the current year.

Institutional Trading of Sunnova Energy International

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sunbelt Securities Inc. acquired a new stake in shares of Sunnova Energy International during the 4th quarter worth about $1,211,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Sunnova Energy International by 20.9% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 446,138 shares of the company’s stock valued at $1,530,000 after buying an additional 77,075 shares during the period. Westwood Holdings Group Inc. purchased a new stake in Sunnova Energy International in the 4th quarter worth approximately $1,308,000. Twinbeech Capital LP acquired a new position in Sunnova Energy International in the 4th quarter valued at $89,000. Finally, Two Sigma Advisers LP acquired a new position in Sunnova Energy International in the 4th quarter valued at $35,000.

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.