SOLV Energy (NASDAQ:MWH) Downgraded by Zacks Research to “Hold”

SOLV Energy (NASDAQ:MWH) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Tuesday, Zacks reports.

Several other research analysts have also issued reports on the company. UBS Group reissued a “neutral” rating and issued a $50.00 target price (up from $42.00) on shares of SOLV Energy in a research report on Thursday, May 14th. Robert W. Baird dropped their price target on SOLV Energy from $50.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, August 14th. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $42.00 price target on shares of SOLV Energy in a research note on Friday, August 14th. TD Cowen increased their price objective on SOLV Energy from $32.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, August 25th. Finally, Weiss Ratings raised SOLV Energy from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, August 14th. Ten analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $39.91.

SOLV Energy Price Performance

Shares of NASDAQ MWH opened at $25.09 on Tuesday. SOLV Energy has a 1 year low of $23.83 and a 1 year high of $48.40. The stock has a market capitalization of $5.08 billion and a P/E ratio of 83.63. The company’s 50-day moving average is $28.24 and its 200 day moving average is $31.93. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09.

SOLV Energy (NASDAQ:MWH) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.26 by $0.04. The company had revenue of $951.24 million during the quarter. The firm’s revenue for the quarter was up 77.4% compared to the same quarter last year. On average, sell-side analysts expect that SOLV Energy will post 1.28 earnings per share for the current year.

Institutional Trading of SOLV Energy

A number of hedge funds have recently made changes to their positions in MWH. Bank of New York Mellon Corp boosted its position in shares of SOLV Energy by 697.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock worth $3,359,000 after purchasing an additional 86,290 shares in the last quarter. Neumeier Poma Investment Counsel LLC bought a new position in SOLV Energy during the 2nd quarter valued at approximately $18,320,262. Public Employees Retirement System of Ohio bought a new position in SOLV Energy during the 2nd quarter valued at approximately $375,000. Wellington Management Group LLP purchased a new position in SOLV Energy during the second quarter valued at $4,852,000. Finally, Continuum Advisory LLC purchased a new position in SOLV Energy during the second quarter valued at $142,000.

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.