Sunnova Energy International (NYSE:NOVA) Shares Gap Down on Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA)’s share price gapped down before the market opened on Tuesday after KeyCorp downgraded the stock from an overweight rating to a sector weight rating. The stock had previously closed at $3.82, but opened at $3.71. Sunnova Energy International shares last traded at $4.13, with a volume of 1,658,250 shares.

A number of other analysts have also weighed in on NOVA. Morgan Stanley restated an “equal weight” rating and set a $14.00 target price (down previously from $24.00) on shares of Sunnova Energy International in a report on Monday, March 4th. Northland Securities reiterated a “market perform” rating and set a $9.00 price objective (down previously from $12.00) on shares of Sunnova Energy International in a report on Friday, February 23rd. B. Riley decreased their price objective on Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating for the company in a report on Monday. Evercore ISI decreased their price objective on Sunnova Energy International from $29.00 to $26.00 and set an “outperform” rating for the company in a report on Friday, February 23rd. Finally, Janney Montgomery Scott upgraded Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 price objective for the company in a report on Friday, March 22nd. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.48.

Insider Activity

In other news, insider Paul S. Mathews sold 9,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total transaction of $50,445.00. Following the sale, the insider now directly owns 14,007 shares in the company, valued at approximately $74,377.17. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Jack O. Lynch III sold 12,994 shares of Sunnova Energy International stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $6.21, for a total value of $80,692.74. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total value of $50,445.00. Following the completion of the sale, the insider now owns 14,007 shares in the company, valued at $74,377.17. The disclosure for this sale can be found here. Insiders have sold 23,580 shares of company stock worth $137,382 in the last ninety days. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Several institutional investors have recently bought and sold shares of the company. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Sunnova Energy International in the 1st quarter worth approximately $25,000. Manchester Capital Management LLC increased its holdings in Sunnova Energy International by 2,959.7% in the 4th quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after purchasing an additional 1,835 shares during the last quarter. First Trust Direct Indexing L.P. acquired a new position in shares of Sunnova Energy International in the first quarter worth $66,000. Allspring Global Investments Holdings LLC grew its stake in shares of Sunnova Energy International by 158.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,036 shares of the company’s stock worth $74,000 after acquiring an additional 4,310 shares in the last quarter. Finally, NewEdge Wealth LLC acquired a new position in shares of Sunnova Energy International in the third quarter worth $125,000.

Sunnova Energy International Trading Up 4.2 %

The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85. The business’s 50 day moving average is $6.23 and its 200 day moving average is $9.47. The stock has a market cap of $492.88 million, a price-to-earnings ratio of -1.18 and a beta of 2.08.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. The firm had revenue of $194.18 million during the quarter, compared to analysts’ expectations of $226.09 million. As a group, equities analysts expect that Sunnova Energy International Inc. will post -2.28 earnings per share for the current fiscal 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.