Sunnova Energy International (NYSE:NOVA) Rating Lowered to Neutral at Piper Sandler

Sunnova Energy International (NYSE:NOVA) was downgraded by equities research analysts at Piper Sandler from an “overweight” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat reports. They currently have a $4.50 price objective on the stock, down from their prior price objective of $9.00. Piper Sandler’s target price indicates a potential upside of 3.33% from the company’s previous close.

Several other brokerages have also commented on NOVA. Susquehanna lowered their price objective on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a research report on Friday, April 5th. Janney Montgomery Scott raised shares of Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 price objective on the stock in a research note on Friday, March 22nd. KeyCorp downgraded shares of Sunnova Energy International from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 23rd. Northland Securities reiterated a “market perform” rating and set a $9.00 target price (down from $12.00) on shares of Sunnova Energy International in a report on Friday, February 23rd. Finally, The Goldman Sachs Group cut their price target on Sunnova Energy International from $14.00 to $12.00 and set a “buy” rating on the stock in a research note on Thursday, April 11th. Eight investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $15.88.

Sunnova Energy International Stock Performance

Shares of NOVA stock opened at $4.36 on Tuesday. The firm has a market capitalization of $539.93 million, a price-to-earnings ratio of -1.29 and a beta of 2.15. The stock has a fifty day moving average of $4.59 and a 200 day moving average of $8.67. Sunnova Energy International has a 52 week low of $3.37 and a 52 week high of $24.56. The company has a quick ratio of 0.74, a current ratio of 0.74 and a debt-to-equity ratio of 3.41.

Sunnova Energy International (NYSE:NOVA) last posted its earnings results on Wednesday, May 1st. The company reported ($0.57) EPS for the quarter, topping the consensus estimate of ($0.79) by $0.22. Sunnova Energy International had a negative net margin of 56.52% and a negative return on equity of 12.10%. The firm had revenue of $160.90 million during the quarter, compared to analysts’ expectations of $193.78 million. During the same period last year, the company posted ($0.70) EPS. The company’s quarterly revenue was down .5% compared to the same quarter last year. As a group, research analysts expect that Sunnova Energy International will post -1.92 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Akbar Mohamed acquired 152,450 shares of the firm’s stock in a transaction on Wednesday, February 28th. The shares were acquired at an average cost of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the transaction, the director now directly owns 236,139 shares in the company, valued at approximately $1,634,081.88. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other news, Director Akbar Mohamed bought 152,450 shares of Sunnova Energy International stock in a transaction dated Wednesday, February 28th. The shares were acquired at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the purchase, the director now owns 236,139 shares in the company, valued at approximately $1,634,081.88. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Paul S. Mathews sold 9,500 shares of the firm’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total transaction of $50,445.00. Following the completion of the sale, the insider now directly owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The disclosure for this sale can be found here. Insiders sold 23,580 shares of company stock valued at $137,382 in the last three months. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

A number of hedge funds have recently added to or reduced their stakes in NOVA. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new position in Sunnova Energy International during the first quarter valued at approximately $25,000. Manchester Capital Management LLC increased its holdings in shares of Sunnova Energy International by 2,959.7% in the 4th quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after acquiring an additional 1,835 shares during the period. Caxton Associates LP bought a new position in shares of Sunnova Energy International in the 1st quarter worth $62,000. First Trust Direct Indexing L.P. purchased a new stake in shares of Sunnova Energy International during the 1st quarter worth $66,000. Finally, BI Asset Management Fondsmaeglerselskab A S boosted its position in Sunnova Energy International by 129.9% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 11,788 shares of the company’s stock valued at $72,000 after purchasing an additional 6,661 shares in the last quarter.

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.