TD Cowen Initiates Coverage on Sunnova Energy International (NYSE:NOVA)

TD Cowen started coverage on shares of Sunnova Energy International (NYSE:NOVA) in a research note published on Thursday, Marketbeat Ratings reports. The brokerage issued a hold rating and a $5.00 price target on the stock.

A number of other brokerages also recently issued reports on NOVA. Piper Sandler cut their target price on Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating for the company in a research note on Friday, November 22nd. BNP Paribas cut shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective for the company. in a research report on Friday, November 8th. BMO Capital Markets reiterated a “market perform” rating and issued a $8.00 target price (down from $10.00) on shares of Sunnova Energy International in a report on Friday, November 1st. Guggenheim downgraded shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a report on Thursday, November 7th. Finally, Citigroup decreased their price objective on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating on the stock in a report on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $10.24.

Sunnova Energy International Price Performance

Shares of Sunnova Energy International stock opened at $3.70 on Thursday. The firm has a market cap of $462.33 million, a PE ratio of -1.10 and a beta of 2.22. Sunnova Energy International has a twelve month low of $2.99 and a twelve month high of $16.35. 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 50-day moving average price of $4.75 and a 200 day moving average price of $6.88.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The firm 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 company’s quarterly revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.53) earnings per share. Sell-side analysts predict that Sunnova Energy International will post -2.44 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Eric Michael Williams bought 13,800 shares of the stock in a transaction on Monday, November 18th. The shares were purchased at an average price 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 $49,680. This trade represents a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Akbar Mohamed acquired 50,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $3.64 per share, for a total transaction of $182,000.00. Following the acquisition, the director now directly owns 352,654 shares of the company’s stock, valued at $1,283,660.56. The trade was a 16.52 % increase in their position. The disclosure for this purchase can be found here. Insiders purchased 118,517 shares of company stock worth $439,605 over the last three months. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Sunnova Energy International

A number of institutional investors and hedge funds have recently modified their holdings of the company. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its holdings in shares of Sunnova Energy International by 56.7% in the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 14,142,487 shares of the company’s stock worth $78,915,000 after buying an additional 5,118,552 shares in the last quarter. Sylebra Capital LLC lifted its position in Sunnova Energy International by 125.6% during the 3rd quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock valued at $121,195,000 after purchasing an additional 6,926,399 shares during the period. Erste Asset Management GmbH acquired a new position in Sunnova Energy International in the third quarter valued at approximately $76,550,000. Handelsbanken Fonder AB boosted its position in shares of Sunnova Energy International by 9.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock worth $71,097,000 after purchasing an additional 611,452 shares during the last quarter. Finally, Electron Capital Partners LLC boosted its holdings in Sunnova Energy International by 24.5% during the second quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock worth $16,768,000 after buying an additional 591,514 shares during the last quarter.

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.