Sunnova Energy International (NYSE:NOVA) Shares Gap Down on Disappointing Earnings

Shares of Sunnova Energy International Inc. (NYSE:NOVA) gapped down before the market opened on Thursday after the company announced weaker than expected quarterly earnings. The stock had previously closed at $5.38, but opened at $5.03. Sunnova Energy International shares last traded at $5.01, with a volume of 2,096,608 shares changing hands.

The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). Sunnova Energy International had a negative return on equity of 11.46% and a negative net margin of 51.02%. The company had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. During the same period in the prior year, the business earned ($0.53) earnings per share. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis.

Analysts Set New Price Targets

NOVA has been the subject of a number of recent analyst reports. Royal Bank of Canada increased their target price on shares of Sunnova Energy International from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. Piper Sandler lifted their target price on shares of Sunnova Energy International from $7.00 to $8.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. The Goldman Sachs Group upped their price target on shares of Sunnova Energy International from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Guggenheim boosted their price objective on Sunnova Energy International from $7.00 to $10.00 and gave the company a “buy” rating in a research note on Friday, July 26th. Finally, Morgan Stanley raised their target price on Sunnova Energy International from $11.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Wednesday, August 21st. Seven equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Insider Buying and Selling

In related news, insider William J. Berger sold 77,000 shares of the stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.31, for a total transaction of $870,870.00. Following the completion of the sale, the insider now directly owns 409,045 shares of the company’s stock, valued at approximately $4,626,298.95. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its holdings in shares of Sunnova Energy International by 37,400.0% in the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock worth $308,000 after purchasing an additional 2,992 shares during the period. GAMMA Investing LLC raised its stake in shares of Sunnova Energy International by 736.3% in the third quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock valued at $85,000 after buying an additional 7,709 shares during the period. Peoples Bank KS purchased a new stake in Sunnova Energy International during the second quarter valued at about $56,000. Caxton Associates LP bought a new stake in shares of Sunnova Energy International in the first quarter valued at approximately $62,000. Finally, First Trust Direct Indexing L.P. purchased a new stake in shares of Sunnova Energy International during the 1st quarter valued at approximately $66,000.

Sunnova Energy International Stock Performance

The company’s fifty day moving average is $8.69 and its 200 day moving average is $6.86. The company has a current ratio of 0.97, a quick ratio of 0.97 and a debt-to-equity ratio of 3.11. The company has a market capitalization of $714.20 million, a P/E ratio of -1.71 and a beta of 2.21.

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.