The Goldman Sachs Group Lowers Sunnova Energy International (NYSE:NOVA) to Neutral

The Goldman Sachs Group cut shares of Sunnova Energy International (NYSE:NOVAGet Rating) from a buy rating to a neutral rating in a research report sent to investors on Monday, Marketbeat Ratings reports. The brokerage currently has $24.00 price target on the stock, down from their prior price target of $31.00.

Several other research firms also recently weighed in on NOVA. Piper Sandler dropped their price target on Sunnova Energy International from $33.00 to $27.00 and set an overweight rating for the company in a research note on Tuesday, May 24th. B. Riley lowered their target price on Sunnova Energy International from $29.00 to $26.00 in a research report on Friday, April 29th. Raymond James lowered their target price on Sunnova Energy International from $50.00 to $32.00 and set a strong-buy rating for the company in a research report on Thursday, February 24th. Northland Securities assumed coverage on Sunnova Energy International in a research report on Wednesday, May 18th. They set an outperform rating and a $30.00 target price for the company. Finally, Robert W. Baird lowered their target price on Sunnova Energy International from $56.00 to $46.00 in a research report on Monday, February 28th. One equities research analyst has rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Buy and an average price target of $41.86.

NOVA stock opened at $21.51 on Monday. Sunnova Energy International has a 1-year low of $12.47 and a 1-year high of $46.40. The company has a debt-to-equity ratio of 2.30, a current ratio of 1.63 and a quick ratio of 1.63. The company has a market capitalization of $2.47 billion, a price-to-earnings ratio of -17.21 and a beta of 2.27. The business has a 50 day simple moving average of $18.46 and a two-hundred day simple moving average of $21.43.

Sunnova Energy International (NYSE:NOVAGet Rating) last posted its quarterly earnings results on Wednesday, April 27th. The company reported ($0.30) earnings per share for the quarter, topping the consensus estimate of ($0.38) by $0.08. Sunnova Energy International had a negative return on equity of 9.95% and a negative net margin of 52.12%. The business had revenue of $65.72 million during the quarter, compared to the consensus estimate of $65.18 million. During the same period in the prior year, the company posted ($0.31) EPS. Sell-side analysts anticipate that Sunnova Energy International will post -1.18 EPS for the current fiscal year.

A number of large investors have recently added to or reduced their stakes in the stock. Walleye Capital LLC purchased a new stake in Sunnova Energy International in the first quarter worth $1,147,000. Advisors Asset Management Inc. increased its stake in Sunnova Energy International by 58.3% in the first quarter. Advisors Asset Management Inc. now owns 21,620 shares of the company’s stock worth $499,000 after purchasing an additional 7,960 shares during the period. Polarity Investment Partners LP purchased a new stake in Sunnova Energy International in the first quarter worth $1,039,000. Summit Partners Public Asset Management LLC increased its stake in Sunnova Energy International by 8,193.0% in the first quarter. Summit Partners Public Asset Management LLC now owns 1,717,822 shares of the company’s stock worth $39,613,000 after purchasing an additional 1,697,108 shares during the period. Finally, Sagefield Capital LP increased its stake in Sunnova Energy International by 118.2% in the first quarter. Sagefield Capital LP now owns 8,040 shares of the company’s stock worth $185,000 after purchasing an additional 4,355 shares during the period.

About Sunnova Energy International (Get Rating)

Sunnova Energy International Inc provides residential energy services 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 diagnostics services. As of December 31, 2021, it operated a fleet of residential solar energy systems with a generation capacity of approximately 1,140 megawatts serving over 195,000 customers.

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