Sunnova Energy International (NYSE:NOVA) Price Target Cut to $4.00 by Analysts at Wells Fargo & Company

Sunnova Energy International (NYSE:NOVA) had its price target cut by Wells Fargo & Company from $8.00 to $4.00 in a research note released on Wednesday,Benzinga reports. They currently have an equal weight rating on the stock.

Other analysts have also recently issued reports about the company. 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 price objective on the stock. Royal Bank of Canada cut Sunnova Energy International from an “outperform” rating to a “sector perform” rating in a research report on Monday, December 9th. BNP Paribas cut Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective on the stock. in a research report on Friday, November 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $8.00 price objective (down from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. Finally, Wolfe Research cut Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have given a buy rating to the stock. According to MarketBeat.com, Sunnova Energy International currently has an average rating of “Hold” and an average price target of $10.01.

Sunnova Energy International Stock Down 13.1 %

Shares of NYSE:NOVA opened at $3.92 on Wednesday. Sunnova Energy International has a 1 year low of $2.99 and a 1 year high of $13.08. The company has a market cap of $489.82 million, a PE ratio of -1.17 and a beta of 2.29. 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’s 50-day moving average is $4.30 and its 200 day moving average is $6.75.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The business had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $238.23 million. During the same quarter in the prior year, the firm earned ($0.53) EPS. The firm’s revenue for the quarter was up 18.6% on a year-over-year basis. Sell-side analysts anticipate that Sunnova Energy International will post -2.44 EPS for the current year.

Insider Transactions at Sunnova Energy International

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

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of NOVA. Bank of New York Mellon Corp boosted its holdings in 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 buying an additional 48,119 shares during the period. Rhumbline Advisers boosted its holdings in Sunnova Energy International by 17.4% in the 2nd quarter. Rhumbline Advisers now owns 222,074 shares of the company’s stock worth $1,239,000 after buying an additional 32,858 shares during the period. Ballentine Partners LLC boosted its holdings in shares of Sunnova Energy International by 72.2% during the 2nd quarter. Ballentine Partners LLC now owns 18,559 shares of the company’s stock valued at $104,000 after purchasing an additional 7,783 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Sunnova Energy International by 14.2% during the 2nd quarter. American Century Companies Inc. now owns 173,283 shares of the company’s stock valued at $967,000 after purchasing an additional 21,492 shares during the last quarter. Finally, Mercer Global Advisors Inc. ADV bought a new position in shares of Sunnova Energy International during the 2nd quarter valued at about $78,000.

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.