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

Equities researchers at TD Cowen began coverage on shares of Sunnova Energy International (NYSE:NOVA) in a research report issued on Thursday, Marketbeat reports. The brokerage set a “hold” rating and a $5.00 price target on the stock. TD Cowen’s target price would indicate a potential upside of 35.14% from the stock’s current price.

A number of other equities analysts also recently commented on NOVA. Royal Bank of Canada downgraded shares of Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a report on Monday, December 9th. Jefferies Financial Group assumed coverage on shares of Sunnova Energy International in a research report on Thursday, October 10th. They set a “buy” rating and a $15.00 target price for the company. Guggenheim lowered shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a report on Thursday, November 7th. The Goldman Sachs Group reduced their price target on Sunnova Energy International from $12.00 to $11.00 and set a “buy” rating on the stock in a research report on Tuesday. Finally, Robert W. Baird lowered their price objective on Sunnova Energy International from $12.00 to $9.00 and set an “outperform” rating for the company in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Sunnova Energy International presently has an average rating of “Hold” and a consensus target price of $10.24.

Sunnova Energy International Price Performance

NYSE NOVA opened at $3.70 on Thursday. The company has a market cap of $462.32 million, a PE ratio of -1.10 and a beta of 2.22. The firm’s 50 day moving average price is $4.75 and its 200-day moving average price is $6.88. 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 52-week low of $2.99 and a 52-week high of $16.35.

Sunnova Energy International (NYSE:NOVA) last announced its earnings results 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 company had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The firm’s revenue was up 18.6% compared to the same quarter last year. During the same period last year, the business posted ($0.53) EPS. Sell-side analysts forecast that Sunnova Energy International will post -2.44 EPS for the current fiscal year.

Insider Activity at Sunnova Energy International

In related news, Director Akbar Mohamed acquired 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 transaction, the director now owns 302,654 shares in the company, valued at approximately $1,150,085.20. This trade represents a 22.07 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Eric Michael Williams bought 13,800 shares of the business’s stock in a transaction dated 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 completion of the acquisition, the chief financial officer now owns 13,800 shares in the company, valued at approximately $49,680. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 118,517 shares of company stock worth $439,605 over the last three months. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

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