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

Sunnova Energy International Inc. (NYSE:NOVA) shares gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $8.00 to $4.00. The stock had previously closed at $4.51, but opened at $4.23. Wells Fargo & Company currently has an equal weight rating on the stock. Sunnova Energy International shares last traded at $4.06, with a volume of 1,379,484 shares changing hands.

Other analysts have also issued research reports about the company. BMO Capital Markets restated a “market perform” rating and issued a $8.00 target price (down previously from $10.00) on shares of Sunnova Energy International in a report on Friday, November 1st. Barclays dropped their price target on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. TD Cowen started coverage on shares of Sunnova Energy International in a research note on Thursday, December 19th. They issued a “hold” rating and a $5.00 price target on the stock. Royal Bank of Canada downgraded shares of Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a research note on Monday, December 9th. Finally, Citigroup dropped their price target on shares of Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. One analyst has rated the stock with a sell rating, eleven have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $10.01.

Insider Activity at Sunnova Energy International

In other news, CFO Eric Michael Williams purchased 13,800 shares of the stock in a transaction that occurred on Monday, November 18th. The shares were purchased at an average cost of $3.60 per share, for a total transaction of $49,680.00. Following the completion of the purchase, the chief financial officer now directly owns 13,800 shares of the company’s stock, valued at approximately $49,680. The trade was a ? increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Akbar Mohamed acquired 54,717 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were bought at an average cost of $3.80 per share, for a total transaction of $207,924.60. Following the completion of the acquisition, the director now directly owns 302,654 shares of the company’s stock, valued at approximately $1,150,085.20. This represents a 22.07 % increase in their position. The disclosure for this purchase can be found here. Insiders have bought 118,517 shares of company stock worth $439,605 over the last three months. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

A number of institutional investors have recently added to or reduced their stakes in NOVA. Mercer Global Advisors Inc. ADV acquired a new stake in Sunnova Energy International during the second quarter valued at approximately $78,000. AE Wealth Management LLC acquired a new stake in Sunnova Energy International during the second quarter valued at approximately $81,000. GAMMA Investing LLC boosted its holdings in Sunnova Energy International by 736.3% during the third quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock valued at $85,000 after purchasing an additional 7,709 shares in the last quarter. Ballentine Partners LLC boosted its holdings in 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 purchasing an additional 7,783 shares in the last quarter. Finally, Creative Planning acquired a new stake in Sunnova Energy International during the third quarter valued at approximately $107,000.

Sunnova Energy International Stock Down 13.1 %

The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26. The business has a fifty day simple moving average of $4.26 and a two-hundred day simple moving average of $6.73. The company has a market capitalization of $489.82 million, a price-to-earnings ratio of -1.17 and a beta of 2.29.

Sunnova Energy International (NYSE:NOVA) last announced 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). The business had revenue of $235.30 million during the quarter, compared to analyst estimates of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.53) earnings per share. Equities analysts expect that Sunnova Energy International Inc. will post -2.44 EPS for the current 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.