Sunnova Energy International (NYSE:NOVA) Rating Lowered to Sector Weight at KeyCorp

Sunnova Energy International (NYSE:NOVA) was downgraded by research analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a research note issued to investors on Tuesday, MarketBeat Ratings reports. KeyCorp also issued estimates for Sunnova Energy International’s Q1 2024 earnings at ($0.77) EPS, Q2 2024 earnings at ($0.83) EPS and Q3 2024 earnings at ($0.39) EPS.

A number of other equities analysts also recently commented on the stock. B. Riley dropped their target price on shares of Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating on the stock in a research note on Monday. Northland Securities restated a “market perform” rating and issued a $9.00 target price (down from $12.00) on shares of Sunnova Energy International in a research note on Friday, February 23rd. Morgan Stanley restated an “equal weight” rating and issued a $14.00 target price (down from $24.00) on shares of Sunnova Energy International in a research note on Monday, March 4th. Janney Montgomery Scott upgraded shares of Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 target price on the stock in a research note on Friday, March 22nd. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $6.00 target price (down from $11.00) on shares of Sunnova Energy International in a research note on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Sunnova Energy International has a consensus rating of “Moderate Buy” and an average target price of $18.48.

Sunnova Energy International Stock Performance

NYSE:NOVA opened at $3.92 on Tuesday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.58. Sunnova Energy International has a 12 month low of $3.52 and a 12 month high of $24.56. The company has a market cap of $485.45 million, a PE ratio of -1.12 and a beta of 2.08. The company has a 50 day simple moving average of $5.94 and a two-hundred day simple moving average of $9.40.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The company had revenue of $194.18 million for the quarter, compared to analysts’ expectations of $226.09 million. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. Research analysts forecast that Sunnova Energy International will post -2.28 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Akbar Mohamed purchased 152,450 shares of the company’s stock in a transaction on Wednesday, February 28th. The stock was bought at an average cost of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the purchase, the director now directly owns 236,139 shares of the company’s stock, valued at approximately $1,634,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Paul S. Mathews sold 9,500 shares of the stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total value of $50,445.00. Following the completion of the sale, the insider now owns 14,007 shares in the company, valued at $74,377.17. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Akbar Mohamed bought 152,450 shares of the stock in a transaction dated Wednesday, February 28th. The stock was bought at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the purchase, the director now owns 236,139 shares of the company’s stock, valued at approximately $1,634,081.88. The disclosure for this purchase can be found here. Insiders sold 23,580 shares of company stock worth $137,382 over the last three months. 4.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Sunnova Energy International

A number of large investors have recently modified their holdings of NOVA. Electron Capital Partners LLC grew its stake in shares of Sunnova Energy International by 42.9% in the third quarter. Electron Capital Partners LLC now owns 5,308,684 shares of the company’s stock valued at $55,582,000 after buying an additional 1,593,098 shares in the last quarter. Van ECK Associates Corp boosted its holdings in Sunnova Energy International by 124.4% in the fourth quarter. Van ECK Associates Corp now owns 1,563,320 shares of the company’s stock valued at $23,841,000 after purchasing an additional 866,705 shares during the last quarter. Banque Pictet & Cie SA purchased a new position in Sunnova Energy International in the third quarter valued at about $6,906,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Sunnova Energy International by 57.6% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,324,957 shares of the company’s stock valued at $13,872,000 after purchasing an additional 484,150 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in Sunnova Energy International in the fourth quarter valued at about $6,930,000.

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.