SOLV Energy Inc. (NASDAQ:MWH – Get Free Report)’s share price passed above its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $24.98 and traded as high as $27.22. SOLV Energy shares last traded at $26.81, with a volume of 2,173,061 shares.
Analyst Ratings Changes
Several research firms recently commented on MWH. TD Cowen upped their target price on shares of SOLV Energy from $32.00 to $35.00 and gave the company a “buy” rating in a research note on Tuesday, August 25th. KeyCorp decreased their price target on shares of SOLV Energy from $43.00 to $35.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. Weiss Ratings downgraded shares of SOLV Energy from a “sell (d+)” rating to a “sell (d)” rating in a report on Friday, September 25th. JPMorgan Chase & Co. cut their price objective on shares of SOLV Energy from $43.00 to $34.00 and set an “overweight” rating for the company in a research report on Monday, October 19th. Finally, Robert W. Baird reduced their target price on shares of SOLV Energy from $50.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, SOLV Energy currently has a consensus rating of “Moderate Buy” and a consensus price target of $38.55.
SOLV Energy Trading Up 11.7%
The firm has a market capitalization of $5.43 billion and a P/E ratio of 89.37. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07. The business has a 50-day moving average price of $24.98 and a 200-day moving average price of $30.32.
SOLV Energy (NASDAQ:MWH – Get Free Report) last issued its earnings results on Thursday, August 13th. The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. The firm had revenue of $951.24 million during the quarter. SOLV Energy’s revenue for the quarter was up 77.4% compared to the same quarter last year. Analysts anticipate that SOLV Energy Inc. will post 1.22 earnings per share for the current year.
Hedge Funds Weigh In On SOLV Energy
A number of hedge funds have recently made changes to their positions in MWH. Pictet Asset Management Holding SA boosted its position in shares of SOLV Energy by 25.4% during the 3rd quarter. Pictet Asset Management Holding SA now owns 623,440 shares of the company’s stock valued at $14,975,000 after acquiring an additional 126,157 shares in the last quarter. Alps Advisors Inc. raised its position in SOLV Energy by 13.1% in the third quarter. Alps Advisors Inc. now owns 68,666 shares of the company’s stock worth $1,649,000 after purchasing an additional 7,966 shares in the last quarter. CenterBook Partners LP raised its position in SOLV Energy by 91.0% in the third quarter. CenterBook Partners LP now owns 360,533 shares of the company’s stock worth $8,660,000 after purchasing an additional 171,743 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new position in SOLV Energy in the third quarter worth about $540,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in SOLV Energy during the third quarter worth about $447,000.
About SOLV Energy
SOLV Energy is a renewable energy company that provides engineering, procurement and construction (EPC) services for utility-scale solar power and battery energy storage projects. Its services span project design, construction management, commissioning and related infrastructure development.
The company also provides operations and maintenance, asset management and optimization services intended to support the long-term performance and reliability of renewable energy facilities. SOLV Energy serves utility, commercial and institutional customers, primarily across the United States.
The company was previously known as Swinerton Renewable Energy and adopted the SOLV Energy name in 2021.
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