Wells Fargo & Company Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $4.00

Sunnova Energy International (NYSE:NOVA) had its target price cut by Wells Fargo & Company from $8.00 to $4.00 in a report published on Wednesday morning,Benzinga reports. They currently have an equal weight rating on the stock.

Other research analysts have also recently issued research reports about the company. BNP Paribas cut Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective on the stock. in a research report on Friday, November 8th. Piper Sandler lowered their price target on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, November 22nd. TD Cowen initiated coverage on shares of Sunnova Energy International in a research report on Thursday, December 19th. They set a “hold” rating and a $5.00 target price on the stock. Jefferies Financial Group initiated coverage on shares of Sunnova Energy International in a research report on Thursday, October 10th. They issued a “buy” rating and a $15.00 price target for the company. Finally, Morgan Stanley reduced their price target on Sunnova Energy International from $12.00 to $6.00 and set an “equal weight” rating on the stock in a research report on Friday, November 15th. One investment analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Sunnova Energy International currently has an average rating of “Hold” and a consensus price target of $9.58.

Sunnova Energy International Price Performance

Shares of NOVA opened at $3.43 on Wednesday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26. The company’s fifty day simple moving average is $4.21 and its 200 day simple moving average is $6.72. Sunnova Energy International has a 1-year low of $2.99 and a 1-year high of $13.00. The company has a market cap of $428.59 million, a price-to-earnings ratio of -1.02 and a beta of 2.29.

Sunnova Energy International (NYSE:NOVA) last issued its earnings results on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.45). Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The business had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. During the same quarter in the prior year, the firm posted ($0.53) earnings per share. The business’s revenue was up 18.6% compared to the same quarter last year. On average, research analysts forecast that Sunnova Energy International will post -2.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sunnova Energy International news, CFO Eric Michael Williams purchased 13,800 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $3.60 per share, for a total transaction of $49,680.00. Following the acquisition, the chief financial officer now owns 13,800 shares in the company, valued at approximately $49,680. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Akbar Mohamed acquired 50,000 shares of the company’s stock in a transaction dated Monday, November 18th. The stock was acquired at an average cost of $3.64 per share, for a total transaction of $182,000.00. Following the completion of the purchase, the director now directly owns 352,654 shares in the company, valued at $1,283,660.56. This trade represents a 16.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last three months, insiders have purchased 118,517 shares of company stock valued at $439,605. 4.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in shares of Sunnova Energy International by 13.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 394,812 shares of the company’s stock worth $2,203,000 after acquiring an additional 48,119 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Sunnova Energy International by 17.4% in the second quarter. Rhumbline Advisers now owns 222,074 shares of the company’s stock valued at $1,239,000 after purchasing an additional 32,858 shares in the last quarter. Ballentine Partners LLC boosted its position in shares of Sunnova Energy International by 72.2% during the second quarter. Ballentine Partners LLC now owns 18,559 shares of the company’s stock valued at $104,000 after buying an additional 7,783 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Sunnova Energy International by 14.2% during the second quarter. American Century Companies Inc. now owns 173,283 shares of the company’s stock valued at $967,000 after buying an additional 21,492 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new stake in Sunnova Energy International during the second quarter worth $78,000.

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.