Sunnova Energy International (NYSE:NOVA) Stock Price Down 4.8% on Analyst Downgrade

Shares of Sunnova Energy International Inc. (NYSE:NOVA) were down 4.8% during trading on Friday after Deutsche Bank Aktiengesellschaft lowered their price target on the stock from $9.00 to $6.25. Deutsche Bank Aktiengesellschaft currently has a hold rating on the stock. Sunnova Energy International traded as low as $5.74 and last traded at $5.78. Approximately 4,445,221 shares traded hands during mid-day trading, a decline of 43% from the average daily volume of 7,741,553 shares. The stock had previously closed at $6.07.

A number of other equities research analysts also recently weighed in on the company. Barclays lowered their price target on Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Susquehanna boosted their target price on Sunnova Energy International from $12.00 to $14.00 and gave the stock a “positive” rating in a research report on Friday, August 2nd. Wells Fargo & Company upped their target price on Sunnova Energy International from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research note on Tuesday, August 6th. Jefferies Financial Group began coverage on shares of Sunnova Energy International in a research note on Thursday, October 10th. They set a “buy” rating and a $15.00 price target on the stock. Finally, Scotiabank upped their price objective on shares of Sunnova Energy International from $10.00 to $14.00 and gave the company a “sector outperform” rating in a research note on Tuesday, August 6th. Seven equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. According to MarketBeat, Sunnova Energy International has a consensus rating of “Moderate Buy” and a consensus price target of $11.61.

Insider Transactions at Sunnova Energy International

In related news, insider William J. Berger sold 77,000 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.31, for a total transaction of $870,870.00. Following the sale, the insider now owns 409,045 shares of the company’s stock, valued at $4,626,298.95. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Hedge funds have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its position in shares of Sunnova Energy International by 37,400.0% in the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock worth $308,000 after purchasing an additional 2,992 shares during the last quarter. GAMMA Investing LLC raised its holdings in Sunnova Energy International by 736.3% in the third quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock worth $85,000 after buying an additional 7,709 shares during the last quarter. Peoples Bank KS bought a new position in shares of Sunnova Energy International in the second quarter worth approximately $56,000. Caxton Associates LP purchased a new stake in shares of Sunnova Energy International during the first quarter valued at approximately $62,000. Finally, First Trust Direct Indexing L.P. purchased a new position in Sunnova Energy International in the 1st quarter worth approximately $66,000.

Sunnova Energy International Price Performance

The firm has a 50-day moving average of $8.80 and a 200-day moving average of $6.85. The company has a debt-to-equity ratio of 3.11, a quick ratio of 0.97 and a current ratio of 0.97. The firm has a market capitalization of $721.69 million, a P/E ratio of -1.75 and a beta of 2.21.

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 11.46%. 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 company earned ($0.53) earnings per share. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, analysts predict that Sunnova Energy International Inc. will post -1.99 EPS for the current year.

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.