Wells Fargo & Company Has Lowered Expectations for Sunnova Energy International (NYSE:NOVA) Stock Price

Sunnova Energy International (NYSE:NOVA) had its price objective reduced by equities research analysts at Wells Fargo & Company from $8.00 to $4.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 2.04% from the stock’s current price.

NOVA has been the topic of several other research reports. BNP Paribas downgraded shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 target price on the stock. in a report on Friday, November 8th. Jefferies Financial Group initiated coverage on Sunnova Energy International in a research report on Thursday, October 10th. They set a “buy” rating and a $15.00 target price on the stock. The Goldman Sachs Group reduced their price target on Sunnova Energy International from $12.00 to $11.00 and set a “buy” rating for the company in a report on Tuesday, December 17th. Citigroup dropped 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. Finally, Piper Sandler decreased their target price on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, November 22nd. One analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $10.01.

Sunnova Energy International Price Performance

Shares of NOVA opened at $3.92 on Wednesday. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.86 and a current ratio of 0.86. Sunnova Energy International has a fifty-two week low of $2.99 and a fifty-two week high of $13.08. The firm has a 50-day simple moving average of $4.26 and a 200-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 posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The company had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. During the same period in the previous year, the business posted ($0.53) earnings per share. The firm’s revenue was up 18.6% compared to the same quarter last year. On average, equities research analysts anticipate that Sunnova Energy International will post -2.44 earnings per share for the current year.

Insider Buying and Selling at Sunnova Energy International

In other Sunnova Energy International news, Director Akbar Mohamed acquired 54,717 shares of the company’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 acquisition, the director now directly owns 302,654 shares of the company’s stock, valued at $1,150,085.20. This trade represents a 22.07 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Eric Michael Williams bought 13,800 shares of Sunnova Energy International stock in a transaction dated Monday, November 18th. The shares were acquired at an average price of $3.60 per share, with a total value of $49,680.00. Following the completion of the purchase, the chief financial officer now owns 13,800 shares in the company, valued at approximately $49,680. The trade was a ? increase in their position. The disclosure for this purchase can be found here. Insiders bought 118,517 shares of company stock valued at $439,605 over the last 90 days. 4.50% of the stock is owned by corporate insiders.

Institutional Trading of Sunnova Energy International

Institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in shares of Sunnova Energy International by 13.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 394,812 shares of the company’s stock worth $2,203,000 after purchasing an additional 48,119 shares during the last quarter. Rhumbline Advisers increased its holdings in Sunnova Energy International by 17.4% in the second quarter. Rhumbline Advisers now owns 222,074 shares of the company’s stock valued at $1,239,000 after buying an additional 32,858 shares during the last quarter. Ballentine Partners LLC raised its stake 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 buying an additional 7,783 shares in the last quarter. American Century Companies Inc. lifted its holdings in Sunnova Energy International by 14.2% during the 2nd quarter. American Century Companies Inc. now owns 173,283 shares of the company’s stock worth $967,000 after buying an additional 21,492 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV acquired a new position in shares of Sunnova Energy International in the 2nd quarter worth approximately $78,000.

About Sunnova Energy International

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.