SOLV Energy (NASDAQ:MWH) Stock Price Down 6.9% – Here’s Why

SOLV Energy Inc. (NASDAQ:MWH) shares were down 6.9% on Wednesday . The stock traded as low as $30.58 and last traded at $30.5210. Approximately 155,730 shares changed hands during trading, a decline of 87% from the average daily volume of 1,222,919 shares. The stock had previously closed at $32.80.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on MWH shares. Zacks Research upgraded shares of SOLV Energy to a “hold” rating in a research report on Tuesday, March 10th. Jefferies Financial Group started coverage on shares of SOLV Energy in a research report on Monday, March 9th. They set a “buy” rating and a $32.00 price objective for the company. KeyCorp increased their price objective on shares of SOLV Energy from $36.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Robert W. Baird increased their price objective on shares of SOLV Energy from $36.00 to $50.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Finally, Canadian Imperial Bank of Commerce increased their price objective on shares of SOLV Energy from $37.00 to $38.00 and gave the stock an “outperformer” rating in a research report on Monday, April 20th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $40.00.

SOLV Energy Trading Up 6.3%

The stock has a 50 day simple moving average of $36.45.

SOLV Energy (NASDAQ:MWH) last issued its earnings results on Thursday, March 19th. The company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.15. The company’s revenue for the quarter was up 80.0% on a year-over-year basis.

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.