B. Riley Comments on Sunnova Energy International Inc.’s Q1 2024 Earnings (NYSE:NOVA)

Sunnova Energy International Inc. (NYSE:NOVA) – Equities research analysts at B. Riley dropped their Q1 2024 EPS estimates for shares of Sunnova Energy International in a report issued on Monday, April 22nd. B. Riley analyst C. Souther now forecasts that the company will post earnings per share of ($1.06) for the quarter, down from their prior forecast of ($0.83). B. Riley currently has a “Buy” rating and a $15.00 target price on the stock. The consensus estimate for Sunnova Energy International’s current full-year earnings is ($2.37) per share. B. Riley also issued estimates for Sunnova Energy International’s Q2 2024 earnings at ($0.74) EPS, Q3 2024 earnings at ($0.77) EPS, Q4 2024 earnings at ($1.03) EPS, FY2024 earnings at ($3.60) EPS and FY2025 earnings at ($3.40) EPS.

Sunnova Energy International (NYSE:NOVA) last announced its earnings results on Wednesday, February 21st. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.04. The business had revenue of $194.18 million during the quarter, compared to the consensus estimate of $226.09 million. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%.

Other analysts also recently issued research reports about the stock. Northland Securities reaffirmed a “market perform” rating and set a $9.00 target price (down previously from $12.00) on shares of Sunnova Energy International in a report on Friday, February 23rd. Mizuho reduced their target price on shares of Sunnova Energy International from $21.00 to $17.00 and set a “buy” rating for the company in a report on Friday, April 19th. Morgan Stanley reaffirmed an “equal weight” rating and set a $14.00 target price (down previously from $24.00) on shares of Sunnova Energy International in a report on Monday, March 4th. Truist Financial reaffirmed a “buy” rating and set a $16.00 target price (down previously from $18.00) on shares of Sunnova Energy International in a report on Monday, February 26th. Finally, Wells Fargo & Company reaffirmed an “equal weight” rating and set a $6.00 target price (down previously from $11.00) on shares of Sunnova Energy International in a report on Friday, April 19th. Seven investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.48.

Sunnova Energy International Stock Performance

Shares of NOVA stock opened at $3.68 on Wednesday. The company has a market capitalization of $455.11 million, a price-to-earnings ratio of -1.05 and a beta of 2.08. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.85 and a current ratio of 0.85. The company has a 50-day simple moving average of $5.78 and a 200 day simple moving average of $9.36. Sunnova Energy International has a 52 week low of $3.52 and a 52 week high of $24.56.

Insider Activity

In other news, insider Paul S. Mathews sold 9,500 shares of the business’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $5.31, for a total value of $50,445.00. Following the completion of the transaction, the insider now directly owns 14,007 shares in the company, valued at approximately $74,377.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $5.31, for a total transaction of $50,445.00. Following the completion of the transaction, the insider now directly owns 14,007 shares in the company, valued at approximately $74,377.17. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Akbar Mohamed acquired 152,450 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were bought at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the transaction, the director now owns 236,139 shares in the company, valued at $1,634,081.88. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 23,580 shares of company stock worth $137,382. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sunnova Energy International

A number of institutional investors have recently added to or reduced their stakes in NOVA. Electron Capital Partners LLC increased its position in Sunnova Energy International by 42.9% during the 3rd quarter. Electron Capital Partners LLC now owns 5,308,684 shares of the company’s stock worth $55,582,000 after purchasing an additional 1,593,098 shares in the last quarter. Van ECK Associates Corp increased its position in Sunnova Energy International by 124.4% during the 4th quarter. Van ECK Associates Corp now owns 1,563,320 shares of the company’s stock worth $23,841,000 after purchasing an additional 866,705 shares in the last quarter. Banque Pictet & Cie SA acquired a new position in Sunnova Energy International during the 3rd quarter worth approximately $6,906,000. Healthcare of Ontario Pension Plan Trust Fund increased its position in Sunnova Energy International by 57.6% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,324,957 shares of the company’s stock worth $13,872,000 after purchasing an additional 484,150 shares in the last quarter. Finally, Trexquant Investment LP acquired a new position in Sunnova Energy International in the 4th quarter valued at approximately $6,930,000.

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.