Sunnova Energy International (NYSE:NOVA) Stock Price Down 7.3% – Here’s What Happened

Shares of Sunnova Energy International Inc. (NYSE:NOVA) fell 7.3% during trading on Tuesday . The stock traded as low as $4.93 and last traded at $4.95. 887,977 shares changed hands during trading, a decline of 89% from the average session volume of 8,389,434 shares. The stock had previously closed at $5.34.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on NOVA. Royal Bank of Canada boosted their price target on shares of Sunnova Energy International from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Robert W. Baird lowered their target price on Sunnova Energy International from $18.00 to $12.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. BMO Capital Markets restated a “market perform” rating and set a $8.00 price target (down from $10.00) on shares of Sunnova Energy International in a research report on Friday, November 1st. Wolfe Research downgraded Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Finally, Scotiabank raised their target price on shares of Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $10.73.

Sunnova Energy International Price Performance

The firm has a 50-day simple moving average of $6.26 and a 200 day simple moving average of $6.92. The firm has a market cap of $677.25 million, a PE ratio of -1.62 and a beta of 2.26. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) EPS 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 the consensus estimate of $238.23 million. During the same period in the previous year, the firm earned ($0.53) EPS. The company’s revenue was up 18.6% on a year-over-year basis. As a group, equities analysts expect that Sunnova Energy International Inc. will post -2.37 EPS for the current year.

Insider Buying and Selling

In other news, Director Akbar Mohamed bought 50,000 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was acquired at an average cost of $3.64 per share, with a total value of $182,000.00. Following the completion of the acquisition, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Eric Michael Williams purchased 13,800 shares of the business’s stock in a transaction dated Monday, November 18th. The shares were 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 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 worth $439,605 in the last 90 days. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

Hedge funds have recently added to or reduced their stakes in the company. State Board of Administration of Florida Retirement System increased its holdings in shares of Sunnova Energy International by 14.6% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 33,033 shares of the company’s stock worth $202,000 after purchasing an additional 4,200 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of Sunnova Energy International by 0.8% during the 1st quarter. Vanguard Group Inc. now owns 10,568,045 shares of the company’s stock valued at $64,782,000 after acquiring an additional 81,653 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Sunnova Energy International by 18.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 74,332 shares of the company’s stock worth $456,000 after acquiring an additional 11,361 shares during the period. Tidal Investments LLC purchased a new position in shares of Sunnova Energy International during the first quarter valued at approximately $291,000. Finally, Swedbank AB purchased a new position in shares of Sunnova Energy International during the first quarter valued at approximately $2,086,000.

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.