SOLV Energy (NASDAQ:MWH) Shares Gap Down – Here’s Why

SOLV Energy Inc. (NASDAQ:MWH)’s stock price gapped down prior to trading on Wednesday . The stock had previously closed at $39.48, but opened at $37.22. SOLV Energy shares last traded at $38.65, with a volume of 226,936 shares trading hands.

Wall Street Analyst Weigh In

A number of analysts have weighed in on MWH shares. Canadian Imperial Bank of Commerce upped their price target on SOLV Energy from $37.00 to $38.00 and gave the company an “outperformer” rating in a research report on Monday, April 20th. JPMorgan Chase & Co. started coverage on SOLV Energy in a research report on Monday, March 9th. They issued an “overweight” rating and a $34.00 price target on the stock. TD Cowen started coverage on SOLV Energy in a research report on Monday, March 9th. They issued a “buy” rating and a $32.00 price target on the stock. Robert W. Baird upped their price target on SOLV Energy from $36.00 to $50.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Finally, KeyCorp upped their price target on SOLV Energy from $36.00 to $50.00 and gave the company an “overweight” rating in a research report on Wednesday, May 13th. Ten investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, SOLV Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $40.00.

SOLV Energy Price Performance

The stock has a 50 day simple moving average of $35.45.

SOLV Energy (NASDAQ:MWH) last posted its quarterly earnings data on Thursday, March 19th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.15. SOLV Energy’s quarterly revenue was up 80.0% on a year-over-year basis.

About SOLV Energy

SOLV Energy (NASDAQ: MWH) is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.