Sunnova Energy International (NYSE:NOVA) Downgraded by KeyCorp

KeyCorp cut shares of Sunnova Energy International (NYSE:NOVA) from an overweight rating to a sector weight rating in a report published on Tuesday morning, Marketbeat.com reports. KeyCorp also issued estimates for Sunnova Energy International’s Q1 2024 earnings at ($0.77) EPS, Q2 2024 earnings at ($0.83) EPS and Q3 2024 earnings at ($0.39) EPS.

NOVA has been the subject of a number of other research reports. Evercore ISI cut their price objective on shares of Sunnova Energy International from $29.00 to $26.00 and set an outperform rating for the company in a research note on Friday, February 23rd. Susquehanna dropped their price target on shares of Sunnova Energy International from $20.00 to $12.00 and set a positive rating for the company in a research report on Friday, April 5th. The Goldman Sachs Group dropped their price target on shares of Sunnova Energy International from $14.00 to $12.00 and set a buy rating for the company in a research report on Thursday, April 11th. Northland Securities reissued a market perform rating and set a $9.00 price target (down previously from $12.00) on shares of Sunnova Energy International in a research report on Friday, February 23rd. Finally, Wells Fargo & Company reissued an equal weight rating and set a $6.00 price target (down previously from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Sunnova Energy International presently has a consensus rating of Moderate Buy and a consensus price target of $18.48.

Sunnova Energy International Price Performance

Shares of Sunnova Energy International stock opened at $4.00 on Tuesday. Sunnova Energy International has a 52-week low of $3.52 and a 52-week high of $24.56. The stock has a market capitalization of $495.36 million, a price-to-earnings ratio of -1.14 and a beta of 2.08. The company has a fifty day moving average of $5.63 and a 200-day moving average of $9.32. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.85 and a current ratio of 0.85.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.20) earnings per share (EPS) 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 company had revenue of $194.18 million during the quarter, compared to analysts’ expectations of $226.09 million. Equities research analysts expect that Sunnova Energy International will post -2.37 EPS for the current year.

Insider Activity at Sunnova Energy International

In related news, insider Paul S. Mathews sold 9,500 shares of the stock in a transaction dated Monday, March 11th. The shares were 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 of the company’s stock, valued at approximately $74,377.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Jack O. Lynch III sold 12,994 shares of the stock in a transaction dated Thursday, March 7th. The shares were sold at an average price of $6.21, for a total transaction of $80,692.74. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Paul S. Mathews sold 9,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The shares were 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 23,580 shares of company stock valued at $137,382. 4.50% of the stock is owned by insiders.

Institutional Trading of Sunnova Energy International

Institutional investors have recently made changes to their positions in the stock. Ballentine Partners LLC purchased a new stake in shares of Sunnova Energy International during the 4th quarter valued at about $161,000. Vanguard Group Inc. boosted its holdings in shares of Sunnova Energy International by 3.8% in the third quarter. Vanguard Group Inc. now owns 10,270,487 shares of the company’s stock worth $107,532,000 after buying an additional 379,032 shares during the last quarter. Dark Forest Capital Management LP purchased a new position in shares of Sunnova Energy International in the third quarter worth approximately $593,000. Money Concepts Capital Corp boosted its holdings in shares of Sunnova Energy International by 20.3% in the third quarter. Money Concepts Capital Corp now owns 634,117 shares of the company’s stock worth $6,639,000 after buying an additional 106,819 shares during the last quarter. Finally, Quantbot Technologies LP boosted its holdings in shares of Sunnova Energy International by 21.8% in the third quarter. Quantbot Technologies LP now owns 188,150 shares of the company’s stock worth $1,970,000 after buying an additional 33,629 shares during the last quarter.

About Sunnova Energy International

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.