Sunnova Energy International (NYSE:NOVA) Trading Up 8.2% – Here’s Why

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price was up 8.2% on Wednesday . The company traded as high as $5.85 and last traded at $5.78. Approximately 2,079,965 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 8,403,522 shares. The stock had previously closed at $5.34.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on NOVA. Wolfe Research lowered shares of Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Wells Fargo & Company raised their price target on shares of Sunnova Energy International from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft dropped their price objective on Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating on the stock in a research note on Friday, November 1st. Morgan Stanley decreased their target price on Sunnova Energy International from $12.00 to $6.00 and set an “equal weight” rating for the company in a research report on Friday, November 15th. Finally, Jefferies Financial Group started coverage on Sunnova Energy International in a research report on Thursday, October 10th. They set a “buy” rating and a $15.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat, Sunnova Energy International has an average rating of “Moderate Buy” and an average target price of $10.73.

Sunnova Energy International Trading Up 1.3 %

The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86. The stock has a market cap of $676.00 million, a P/E ratio of -1.61 and a beta of 2.26. The firm’s fifty day moving average price is $6.14 and its two-hundred day moving average price is $6.91.

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 analysts’ consensus estimates of ($0.53) by ($0.45). The business had revenue of $235.30 million during the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. Sunnova Energy International’s revenue was up 18.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.53) earnings per share. As a group, equities research analysts forecast that Sunnova Energy International Inc. will post -2.37 EPS for the current year.

Insider Activity at Sunnova Energy International

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

Institutional Inflows and Outflows

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

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.