SOLV Energy (NASDAQ:MWH) Shares Gap Up Following Better-Than-Expected Earnings

SOLV Energy Inc. (NASDAQ:MWH) shares gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $30.09, but opened at $31.79. SOLV Energy shares last traded at $32.7480, with a volume of 278,593 shares.

The company reported $0.30 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.04. The firm had revenue of $951.24 million for the quarter. The business’s revenue for the quarter was up 77.4% compared to the same quarter last year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on MWH. Robert W. Baird boosted their target price on shares of SOLV Energy from $36.00 to $50.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Guggenheim raised their price target on SOLV Energy from $37.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Canadian Imperial Bank of Commerce lifted their price target on SOLV Energy from $37.00 to $38.00 and gave the stock an “outperformer” rating in a report on Monday, April 20th. KeyCorp upped their price objective on SOLV Energy from $36.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Finally, UBS Group reiterated a “neutral” rating and issued a $50.00 price objective (up from $42.00) on shares of SOLV Energy in a report on Thursday, May 14th. One equities research analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $40.00.

Institutional Investors Weigh In On SOLV Energy

A hedge fund recently raised its stake in SOLV Energy stock. Bank of New York Mellon Corp boosted its stake in SOLV Energy Inc. (NASDAQ:MWH) by 697.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,660 shares of the company’s stock after acquiring an additional 86,290 shares during the period. Bank of New York Mellon Corp owned about 0.08% of SOLV Energy worth $3,359,000 as of its most recent SEC filing.

SOLV Energy Stock Up 10.3%

The stock’s 50 day simple moving average is $30.63. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.07.

SOLV Energy Company Profile

SOLV Energy (NASDAQ: MWH) is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.