Piper Sandler Lowers Sunnova Energy International (NYSE:NOVA) Price Target to $4.50

Sunnova Energy International (NYSE:NOVA) had its price objective dropped by stock analysts at Piper Sandler from $8.00 to $4.50 in a report issued on Friday,Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Piper Sandler’s price target indicates a potential downside of 8.16% from the stock’s current price.

Several other equities analysts have also recently issued reports on the stock. Jefferies Financial Group assumed coverage on shares of Sunnova Energy International in a research report on Thursday, October 10th. They issued a “buy” rating and a $15.00 price target for the company. Barclays cut their target price on Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Truist Financial increased their price target on Sunnova Energy International from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada lifted their price objective on Sunnova Energy International from $9.00 to $10.00 and gave the stock an “outperform” rating in a research note on Monday, August 5th. Finally, Scotiabank increased their target price on shares of Sunnova Energy International from $10.00 to $14.00 and gave the company a “sector outperform” rating in a research report on Tuesday, August 6th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $10.73.

Sunnova Energy International Trading Up 12.1 %

NYSE NOVA opened at $4.90 on Friday. The company has a market cap of $612.27 million, a price-to-earnings ratio of -1.46 and a beta of 2.26. Sunnova Energy International has a twelve month low of $2.99 and a twelve month high of $16.35. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26. The business’s fifty day moving average is $6.66 and its 200 day moving average is $6.89.

Sunnova Energy International (NYSE:NOVA) last announced its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) 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 11.15%. The firm had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. During the same period in the previous year, the business posted ($0.53) earnings per share. The business’s revenue for the quarter was up 18.6% compared to the same quarter last year. As a group, sell-side analysts expect that Sunnova Energy International will post -2.29 EPS for the current fiscal year.

Insider Activity at Sunnova Energy International

In related news, Director Akbar Mohamed bought 54,717 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were bought at an average price of $3.80 per share, for a total transaction of $207,924.60. Following the completion of the acquisition, the director now directly owns 302,654 shares of the company’s stock, valued at $1,150,085.20. This trade represents a 22.07 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Eric Michael Williams purchased 13,800 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $3.60 per share, with a total value of $49,680.00. Following the acquisition, the chief financial officer now directly owns 13,800 shares of the company’s stock, valued at $49,680. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 118,517 shares of company stock valued at $439,605. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

Large investors have recently bought and sold shares of the stock. Handelsbanken Fonder AB raised its holdings in shares of Sunnova Energy International by 9.1% in the third quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock valued at $71,097,000 after purchasing an additional 611,452 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its stake in Sunnova Energy International by 23.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 357,781 shares of the company’s stock valued at $1,996,000 after buying an additional 67,749 shares during the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Sunnova Energy International in the 2nd quarter worth approximately $1,042,000. International Assets Investment Management LLC boosted its stake 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 buying an additional 2,992 shares during the last quarter. Finally, Sylebra Capital LLC purchased a new stake in shares of Sunnova Energy International during the second quarter valued at approximately $30,783,000.

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.