JPMorgan Chase & Co. Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $11.00

Sunnova Energy International (NYSE:NOVA) had its target price cut by JPMorgan Chase & Co. from $14.00 to $11.00 in a research note published on Thursday,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms have also recently commented on NOVA. Jefferies Financial Group started coverage on shares of Sunnova Energy International in a research note on Thursday, October 10th. They issued a “buy” rating and a $15.00 target price for the company. Guggenheim downgraded shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a research note on Thursday, November 7th. The Goldman Sachs Group dropped their price objective on shares of Sunnova Energy International from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Wolfe Research lowered Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. Finally, Royal Bank of Canada downgraded Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a research note on Monday, December 9th. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Sunnova Energy International presently has a consensus rating of “Hold” and a consensus price target of $9.64.

Sunnova Energy International Price Performance

NYSE NOVA opened at $3.23 on Thursday. The firm’s fifty day simple moving average is $4.01 and its two-hundred day simple moving average is $6.54. The firm has a market capitalization of $404.09 million, a P/E ratio of -0.97 and a beta of 2.29. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26. Sunnova Energy International has a 12-month low of $2.64 and a 12-month high of $13.00.

Sunnova Energy International (NYSE:NOVA) last announced its earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $238.23 million. During the same quarter last year, the firm earned ($0.53) earnings per share. The firm’s quarterly revenue was up 18.6% compared to the same quarter last year. Analysts forecast that Sunnova Energy International will post -2.57 EPS for the current fiscal year.

Insider Activity

In other news, Director Akbar Mohamed purchased 50,000 shares of the company’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average cost of $3.64 per share, for a total transaction of $182,000.00. Following the completion of the transaction, the director now owns 352,654 shares of the company’s stock, valued at $1,283,660.56. This trade represents a 16.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Eric Michael Williams acquired 13,800 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was purchased at an average price of $3.60 per share, for a total transaction of $49,680.00. Following the acquisition, the chief financial officer now directly owns 13,800 shares in the company, valued at $49,680. This represents a ? increase in their position. The disclosure for this purchase can be found here. Insiders have acquired 118,517 shares of company stock worth $439,605 in the last quarter. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. First Trust Direct Indexing L.P. grew its holdings in shares of Sunnova Energy International by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock valued at $189,000 after purchasing an additional 2,016 shares during the period. Ballentine Partners LLC grew its stake in shares of Sunnova Energy International by 15.9% in the 3rd quarter. Ballentine Partners LLC now owns 21,515 shares of the company’s stock valued at $210,000 after buying an additional 2,956 shares during the period. International Assets Investment Management LLC increased its holdings in shares of Sunnova Energy International by 37,400.0% during the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock worth $308,000 after buying an additional 2,992 shares during the last quarter. Peapack Gladstone Financial Corp raised its position in shares of Sunnova Energy International by 11.0% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 32,200 shares of the company’s stock valued at $314,000 after buying an additional 3,200 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its holdings in Sunnova Energy International by 6.7% in the second quarter. The Manufacturers Life Insurance Company now owns 56,487 shares of the company’s stock valued at $315,000 after acquiring an additional 3,559 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.