SOLV Energy (NASDAQ:MWH) Trading Down 6.9% – Here’s What Happened

SOLV Energy Inc. (NASDAQ:MWH)’s share price was down 6.9% during trading on Wednesday . The company traded as low as $30.58 and last traded at $30.5210. Approximately 155,730 shares changed hands during mid-day trading, a decline of 87% from the average daily volume of 1,222,919 shares. The stock had previously closed at $32.80.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Jefferies Financial Group assumed coverage on SOLV Energy in a research report on Monday, March 9th. They set a “buy” rating and a $32.00 target price on the stock. JPMorgan Chase & Co. started coverage on SOLV Energy in a report on Monday, March 9th. They set an “overweight” rating and a $34.00 price target on the stock. Wall Street Zen upgraded SOLV Energy to a “hold” rating in a research note on Sunday, February 22nd. Evercore started coverage on SOLV Energy in a research note on Monday, March 9th. They issued an “outperform” rating and a $34.00 target price on the stock. Finally, Guggenheim boosted their target price on SOLV Energy from $37.00 to $50.00 and gave the company a “buy” rating in a research note on Tuesday, May 26th. Ten analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $40.00.

SOLV Energy Price Performance

The company’s 50 day simple moving average is $36.38.

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

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.