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

KeyCorp lowered shares of Sunnova Energy International (NYSE:NOVA) from an overweight rating to a sector weight rating in a research report sent to investors on Tuesday morning, MarketBeat 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.

Several other brokerages have also issued reports on NOVA. Susquehanna cut their price objective on Sunnova Energy International from $20.00 to $12.00 and set a positive rating for the company in a report on Friday, April 5th. Wells Fargo & Company reiterated an equal weight rating and set a $6.00 price objective (down from $11.00) on shares of Sunnova Energy International in a report on Friday, April 19th. Truist Financial reissued a buy rating and set a $16.00 target price (down from $18.00) on shares of Sunnova Energy International in a research report on Monday, February 26th. The Goldman Sachs Group lowered their target price on shares of Sunnova Energy International from $14.00 to $12.00 and set a buy rating on the stock in a research report on Thursday, April 11th. Finally, Janney Montgomery Scott raised 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 report on Friday, March 22nd. Seven analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Sunnova Energy International currently has an average rating of Moderate Buy and an average target price of $18.48.

Sunnova Energy International Price Performance

Shares of NYSE:NOVA opened at $3.68 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 1 year low of $3.52 and a 1 year high of $24.56. The business has a fifty day simple moving average of $5.78 and a 200 day simple moving average of $9.36. The firm has a market cap of $455.11 million, a price-to-earnings ratio of -1.05 and a beta of 2.08.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings data on Wednesday, February 21st. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.04. Sunnova Energy International had a negative return on equity of 13.26% and a negative net margin of 58.00%. The business had revenue of $194.18 million during the quarter, compared to analyst estimates of $226.09 million. As a group, sell-side analysts predict that Sunnova Energy International will post -2.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International 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 sale, the insider now directly owns 14,007 shares of the company’s stock, valued at $74,377.17. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Jack O. Lynch III sold 12,994 shares of Sunnova Energy International stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $6.21, for a total transaction of $80,692.74. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction, the insider now 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 have sold a total of 23,580 shares of company stock valued at $137,382 over the last three months. 4.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NOVA. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA bought a new position in Sunnova Energy International during the first quarter worth about $25,000. Manchester Capital Management LLC lifted its stake in Sunnova Energy International by 2,959.7% during the fourth quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock worth $29,000 after purchasing an additional 1,835 shares during the period. First Trust Direct Indexing L.P. bought a new position in Sunnova Energy International during the first quarter worth about $66,000. Allspring Global Investments Holdings LLC lifted its stake in Sunnova Energy International by 158.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 7,036 shares of the company’s stock worth $74,000 after purchasing an additional 4,310 shares during the period. Finally, NewEdge Wealth LLC bought a new position in Sunnova Energy International during the third quarter worth about $125,000.

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.