SOLV Energy Inc. (NASDAQ:MWH) Sees Large Increase in Short Interest

SOLV Energy Inc. (NASDAQ:MWH) was the target of a significant increase in short interest during the month of July. As of July 31st, there was short interest totaling 7,980,092 shares, an increase of 68.9% from the July 15th total of 4,723,626 shares. Approximately 6.4% of the shares of the stock are sold short. Based on an average trading volume of 2,451,812 shares, the short-interest ratio is presently 3.3 days.

Institutional Investors Weigh In On SOLV Energy

A number of institutional investors have recently bought and sold shares of MWH. Public Employees Retirement System of Ohio purchased a new position in SOLV Energy during the second quarter worth approximately $375,000. Bank of New York Mellon Corp grew its stake in shares of SOLV Energy by 697.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock valued at $3,359,000 after buying an additional 86,290 shares during the period. Finally, Neumeier Poma Investment Counsel LLC purchased a new stake in shares of SOLV Energy during the 2nd quarter valued at $18,320,262,000.

SOLV Energy Stock Performance

NASDAQ MWH traded down $0.99 during trading hours on Tuesday, hitting $30.56. 711,693 shares of the company’s stock were exchanged, compared to its average volume of 1,541,066. The stock has a 50 day simple moving average of $30.52. SOLV Energy has a 12-month low of $23.83 and a 12-month high of $48.40. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.07.

SOLV Energy (NASDAQ:MWH) last posted its quarterly earnings results on Thursday, August 13th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. SOLV Energy’s revenue was up 77.4% on a year-over-year basis. On average, research analysts predict that SOLV Energy will post 1.49 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on MWH. 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 note on Thursday, May 14th. Zacks Research raised shares of SOLV Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 10th. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $42.00 price target on shares of SOLV Energy in a report on Friday. KeyCorp raised their target price on shares of SOLV Energy from $36.00 to $50.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 13th. Finally, Robert W. Baird lowered their target price on shares of SOLV Energy from $50.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday. One analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $39.64.

About SOLV Energy

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.