SOLV Energy (NASDAQ:MWH) Shares Gap Down – Here’s Why

Shares of SOLV Energy Inc. (NASDAQ:MWH) gapped down before the market opened on Thursday . The stock had previously closed at $29.97, but opened at $28.60. SOLV Energy shares last traded at $27.9250, with a volume of 573,929 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. KeyCorp boosted their price target on SOLV Energy from $36.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. UBS Group reissued a “neutral” rating and issued a $50.00 price objective (up from $42.00) on shares of SOLV Energy in a report on Thursday, May 14th. Robert W. Baird reduced their price target on shares of SOLV Energy from $50.00 to $42.00 and set an “outperform” rating for the company in a research report on Friday, August 14th. Weiss Ratings upgraded shares of SOLV Energy from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, August 14th. Finally, Guggenheim raised their price target on shares of SOLV Energy from $37.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.64.

SOLV Energy Stock Performance

The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.06. The stock has a market capitalization of $3.42 billion and a P/E ratio of 91.87. The stock’s 50-day moving average price is $30.47.

SOLV Energy (NASDAQ:MWH) last announced its quarterly earnings data on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. The firm’s revenue was up 77.4% on a year-over-year basis. As a group, equities analysts forecast that SOLV Energy Inc. will post 1.3 EPS for the current fiscal year.

Institutional Investors Weigh In On SOLV Energy

Large investors have recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in shares of SOLV Energy in the 2nd quarter valued at $375,000. Bank of New York Mellon Corp increased its holdings in shares of SOLV Energy by 697.6% in the second quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock valued at $3,359,000 after purchasing an additional 86,290 shares during the period. Wellington Management Group LLP purchased a new stake in shares of SOLV Energy during the second quarter worth approximately $4,852,000. Finally, Neumeier Poma Investment Counsel LLC acquired a new stake in shares of SOLV Energy during the second quarter worth $18,320,262,000.

About SOLV Energy

SOLV Energy (NASDAQ: MWH) is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.