B. Riley Trims Sunnova Energy International (NYSE:NOVA) Target Price to $15.00

Sunnova Energy International (NYSE:NOVA) had its price objective cut by B. Riley from $21.00 to $15.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the stock. B. Riley also issued estimates for Sunnova Energy International’s Q1 2024 earnings at ($1.06) EPS, 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.

Several other research analysts also recently weighed in on the stock. Evercore ISI dropped their target price on shares of Sunnova Energy International from $29.00 to $26.00 and set an outperform rating on the stock in a research report on Friday, February 23rd. The Goldman Sachs Group dropped 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. Wells Fargo & Company reissued an equal weight rating and issued a $6.00 target price (down from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. Truist Financial reaffirmed a buy rating and set a $16.00 price objective (down from $18.00) on shares of Sunnova Energy International in a research report on Monday, February 26th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $14.00 price objective (down from $24.00) on shares of Sunnova Energy International in a research report on Monday, March 4th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and an average price target of $18.48.

Sunnova Energy International Price Performance

NYSE NOVA opened at $3.92 on Monday. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85. The company’s 50 day simple moving average is $5.94 and its 200 day simple moving average is $9.40. Sunnova Energy International has a 12 month low of $3.52 and a 12 month high of $24.56. The company has a market capitalization of $485.45 million, a P/E ratio of -1.12 and a beta of 2.08.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share for the quarter, topping the consensus estimate of ($0.24) by $0.04. The business had revenue of $194.18 million for 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%. Equities research analysts expect that Sunnova Energy International will post -2.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction 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 sale, the insider now directly owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction 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 transaction, the insider now owns 14,007 shares in the company, valued at approximately $74,377.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jack O. Lynch III sold 12,994 shares of Sunnova Energy International stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $6.21, for a total transaction of $80,692.74. The disclosure for this sale can be found here. Insiders sold 23,580 shares of company stock valued at $137,382 over the last ninety days. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Sunnova Energy International by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 10,486,392 shares of the company’s stock worth $159,917,000 after acquiring an additional 215,905 shares during the period. Electron Capital Partners LLC grew its position in Sunnova Energy International by 42.9% in 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 during the last quarter. Van ECK Associates Corp grew its position in Sunnova Energy International by 124.4% in 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 during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Sunnova Energy International by 57.6% in 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 during the last quarter. Finally, Guinness Asset Management LTD grew its position in Sunnova Energy International by 5.9% in the 3rd quarter. Guinness Asset Management LTD now owns 1,240,355 shares of the company’s stock worth $12,981,000 after purchasing an additional 69,539 shares during the last quarter.

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.