Sunnova Energy International (NYSE:NOVA) Given New $4.00 Price Target at Wells Fargo & Company

Sunnova Energy International (NYSE:NOVA) had its price target lowered by Wells Fargo & Company from $8.00 to $4.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The firm presently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential downside of 3.38% from the company’s previous close.

NOVA has been the subject of a number of other research reports. Piper Sandler dropped their target price on Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating for the company in a research report on Friday, November 22nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a research note on Friday, November 1st. Citigroup cut their price target on shares of Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Tuesday, October 22nd. The Goldman Sachs Group decreased their price objective on Sunnova Energy International from $12.00 to $11.00 and set a “buy” rating on the stock in a report on Tuesday, December 17th. Finally, Morgan Stanley dropped their target price on Sunnova Energy International from $12.00 to $6.00 and set an “equal weight” rating for the company in a report on Friday, November 15th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, Sunnova Energy International presently has an average rating of “Hold” and a consensus price target of $10.01.

Sunnova Energy International Stock Performance

Sunnova Energy International stock traded down $0.37 during mid-day trading on Wednesday, reaching $4.14. The company’s stock had a trading volume of 1,972,105 shares, compared to its average volume of 7,937,517. The firm’s fifty day moving average price is $4.33 and its two-hundred day moving average price is $6.77. The company has a debt-to-equity ratio of 3.26, a quick ratio of 0.86 and a current ratio of 0.86. Sunnova Energy International has a 12-month low of $2.99 and a 12-month high of $13.08. The company has a market capitalization of $517.31 million, a P/E ratio of -1.24 and a beta of 2.29.

Sunnova Energy International (NYSE:NOVA) last posted its earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The firm had revenue of $235.30 million for the quarter, compared to the consensus estimate of $238.23 million. During the same period last year, the company posted ($0.53) EPS. The business’s revenue was up 18.6% on a year-over-year basis. Sell-side analysts predict that Sunnova Energy International will post -2.44 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CFO Eric Michael Williams acquired 13,800 shares of the firm’s stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $3.60 per share, with a total value of $49,680.00. Following the completion of the purchase, 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 ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Akbar Mohamed acquired 54,717 shares of the stock in a transaction dated Friday, November 15th. The shares were bought at an average cost of $3.80 per share, for a total transaction of $207,924.60. Following the completion of the transaction, the director now owns 302,654 shares in the company, valued at approximately $1,150,085.20. This represents a 22.07 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 118,517 shares of company stock valued at $439,605 over the last quarter. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

Large investors have recently added to or reduced their stakes in the company. Erste Asset Management GmbH purchased a new stake in Sunnova Energy International during the third quarter valued at $76,550,000. Sylebra Capital LLC increased its position in shares of Sunnova Energy International by 125.6% during the 3rd quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock valued at $121,195,000 after purchasing an additional 6,926,399 shares during the last quarter. Handelsbanken Fonder AB lifted its position in Sunnova Energy International by 9.1% in the third quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock worth $71,097,000 after buying an additional 611,452 shares during the last quarter. Electron Capital Partners LLC boosted its stake in Sunnova Energy International by 24.5% during the second quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock worth $16,768,000 after buying an additional 591,514 shares during the period. Finally, Sanctuary Advisors LLC bought a new position in Sunnova Energy International during the second quarter valued at $2,851,000.

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.