Barclays Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $9.00

Sunnova Energy International (NYSE:NOVA) had its price target cut by investment analysts at Barclays from $10.00 to $9.00 in a report released on Wednesday,Benzinga reports. The firm currently has an “overweight” rating on the stock. Barclays‘s price target indicates a potential upside of 209.81% from the stock’s current price.

Other analysts have also recently issued reports about the company. Jefferies Financial Group began coverage on Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 price target for the company. Citigroup dropped their price target on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating for the company in a report on Tuesday, October 22nd. Piper Sandler dropped their price target on Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating for the company in a report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft dropped their price target on Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a report on Friday, November 1st. Finally, BMO Capital Markets reaffirmed a “market perform” rating and issued a $8.00 price objective (down from $10.00) on shares of Sunnova Energy International in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $9.60.

Sunnova Energy International Stock Performance

NOVA opened at $2.91 on Wednesday. Sunnova Energy International has a 12-month low of $2.64 and a 12-month high of $13.00. The stock has a market cap of $362.98 million, a price-to-earnings ratio of -0.87 and a beta of 2.29. The business has a 50 day moving average of $3.99 and a 200-day moving average of $6.49. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26.

Sunnova Energy International (NYSE:NOVA) last released its quarterly 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). The firm had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The business’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same period in the previous year, the business posted ($0.53) earnings per share. On average, equities research analysts expect that Sunnova Energy International will post -2.57 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Akbar Mohamed purchased 50,000 shares of Sunnova Energy International stock in a transaction on Monday, November 18th. The shares were purchased at an average price of $3.64 per share, for a total transaction of $182,000.00. Following the transaction, the director now owns 352,654 shares of the company’s stock, valued at approximately $1,283,660.56. This represents a 16.52 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Eric Michael Williams purchased 13,800 shares of Sunnova Energy International stock in a transaction on Monday, November 18th. The stock was bought at an average price of $3.60 per share, for a total transaction of $49,680.00. Following the transaction, the chief financial officer now directly 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 have bought 118,517 shares of company stock worth $439,605 in the last 90 days. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Institutional investors have recently made changes to their positions in the stock. DRW Securities LLC bought a new stake in shares of Sunnova Energy International in the 3rd quarter valued at about $989,000. Erste Asset Management GmbH acquired a new position in shares of Sunnova Energy International in the 3rd quarter valued at about $76,550,000. Handelsbanken Fonder AB lifted its stake in shares of Sunnova Energy International by 9.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock valued at $71,097,000 after purchasing an additional 611,452 shares during the period. Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Sunnova Energy International by 190.8% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 744,686 shares of the company’s stock valued at $7,253,000 after purchasing an additional 488,623 shares during the period. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Sunnova Energy International by 23.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 357,781 shares of the company’s stock valued at $1,996,000 after purchasing an additional 67,749 shares during the period.

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.