SOLV Energy (NASDAQ:MWH) Shares Gap Up After Earnings Beat

SOLV Energy Inc. (NASDAQ:MWH) shares gapped up before the market opened on Thursday following a better than expected earnings announcement. The stock had previously closed at $30.09, but opened at $31.79. SOLV Energy shares last traded at $32.7480, with a volume of 278,593 shares changing hands.

The company reported $0.30 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. SOLV Energy’s quarterly revenue was up 77.4% on a year-over-year basis.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on MWH. Guggenheim boosted their target price on SOLV Energy from $37.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. KeyCorp lifted their price objective on SOLV Energy from $36.00 to $50.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. Canadian Imperial Bank of Commerce boosted their price objective on SOLV Energy from $37.00 to $38.00 and gave the company an “outperformer” rating in a report on Monday, April 20th. UBS Group restated a “neutral” rating and set a $50.00 target price (up from $42.00) on shares of SOLV Energy in a report on Thursday, May 14th. Finally, Zacks Research raised SOLV Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $40.00.

Institutional Trading of SOLV Energy

An institutional investor recently raised its stake in SOLV Energy stock. Bank of New York Mellon Corp lifted its stake in SOLV Energy Inc. (NASDAQ:MWH) by 697.6% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 98,660 shares of the company’s stock after purchasing an additional 86,290 shares during the period. Bank of New York Mellon Corp owned about 0.08% of SOLV Energy worth $3,359,000 at the end of the most recent quarter.

SOLV Energy Trading Up 10.3%

The stock has a 50 day simple moving average of $30.63. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.06 and a quick ratio of 1.06.

SOLV Energy Company Profile

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.