Sunnova Energy International (NYSE:NOVA) Price Target Cut to $15.00 by Analysts at B. Riley

Sunnova Energy International (NYSE:NOVA) had its target price cut by B. Riley from $21.00 to $15.00 in a report released 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 have also recently weighed in on the stock. The Goldman Sachs Group reduced their price target on shares of Sunnova Energy International from $14.00 to $12.00 and set a buy rating for the company in a report on Thursday, April 11th. Truist Financial reiterated a buy rating and issued a $16.00 price target (down previously from $18.00) on shares of Sunnova Energy International in a report on Monday, February 26th. Wells Fargo & Company reiterated an equal weight rating and issued a $6.00 price target (down previously from $11.00) on shares of Sunnova Energy International in a report on Friday, April 19th. Susquehanna reduced their price target on shares of Sunnova Energy International from $20.00 to $12.00 and set a positive rating for the company in a report on Friday, April 5th. Finally, Janney Montgomery Scott upgraded shares of Sunnova Energy International from a neutral rating to a buy rating and set a $12.00 price target for the company in a report on Friday, March 22nd. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus target price of $18.48.

Sunnova Energy International Price Performance

Shares of NYSE NOVA opened at $3.92 on Monday. The stock has a market cap of $485.45 million, a P/E ratio of -1.12 and a beta of 2.08. The firm has a 50 day moving average price of $5.94 and a 200 day moving average price of $9.40. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.85 and a current ratio of 0.85. Sunnova Energy International has a 52-week low of $3.52 and a 52-week high of $24.56.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings data on Wednesday, February 21st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The firm had revenue of $194.18 million during the quarter, compared to analysts’ expectations of $226.09 million. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. Analysts expect that Sunnova Energy International will post -2.28 EPS for the current year.

Insiders Place Their Bets

In other news, insider Paul S. Mathews sold 9,500 shares of the stock in a transaction dated 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 directly owns 14,007 shares of the company’s stock, valued at $74,377.17. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction dated 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 directly owns 14,007 shares in the company, valued at $74,377.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Akbar Mohamed purchased 152,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was acquired at an average price of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the purchase, the director now directly owns 236,139 shares of the company’s stock, valued at approximately $1,634,081.88. The disclosure for this purchase can be found here. Over the last three months, insiders have sold 23,580 shares of company stock valued at $137,382. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Sunnova Energy International

Several institutional investors and hedge funds have recently modified their holdings of the business. Busey Bank acquired a new position in shares of Sunnova Energy International in the first quarter valued at about $250,000. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new position in shares of Sunnova Energy International in the first quarter valued at about $25,000. Raymond James Financial Services Advisors Inc. grew its stake in Sunnova Energy International by 229.8% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 335,814 shares of the company’s stock worth $2,059,000 after buying an additional 233,991 shares in the last quarter. First Trust Direct Indexing L.P. acquired a new stake in Sunnova Energy International during the first quarter worth about $66,000. Finally, Vanguard Group Inc. grew its stake in Sunnova Energy International by 2.1% during the fourth quarter. Vanguard Group Inc. now owns 10,486,392 shares of the company’s stock worth $159,917,000 after buying an additional 215,905 shares in 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.