Sunnova Energy International (NYSE:NOVA) Shares Gap Down Following Analyst Downgrade

Sunnova Energy International Inc. (NYSE:NOVA - Get Free Report) shares gapped down prior to trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $8.00 to $4.00. The stock had previously closed at $4.51, but opened at $4.23. Wells Fargo & Company currently has an equal weight rating on the stock. Sunnova Energy International shares last traded at $4.06, with a volume of 1,379,484 shares changing hands.

Several other research firms have also issued reports on NOVA. Jefferies Financial Group began coverage on Sunnova Energy International in a research note on Thursday, October 10th. They set a "buy" rating and a $15.00 target price on the stock. BMO Capital Markets restated a "market perform" rating and issued a $8.00 price objective (down previously from $10.00) on shares of Sunnova Energy International in a report on Friday, November 1st. Guggenheim lowered shares of Sunnova Energy International from a "buy" rating to a "neutral" rating in a report on Thursday, November 7th. Piper Sandler decreased their price target on shares of Sunnova Energy International from $8.00 to $4.50 and set a "neutral" rating for the company in a research report on Friday, November 22nd. Finally, Wolfe Research lowered Sunnova Energy International from a "strong-buy" rating to a "hold" rating in a research report on Monday, November 4th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $10.01.

Insider Buying and Selling at Sunnova Energy International

In other news, Director Akbar Mohamed purchased 50,000 shares of the business's stock in a transaction dated Monday, November 18th. The stock was acquired at an average price of $3.64 per share, with a total value of $182,000.00. Following the purchase, the director now directly owns 352,654 shares of the company's stock, valued at $1,283,660.56. This represents a 16.52 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Eric Michael Williams acquired 13,800 shares of the stock in a transaction that occurred on Monday, November 18th. The stock was acquired at an average cost of $3.60 per share, for a total transaction of $49,680.00. Following the completion of the purchase, the chief financial officer now owns 13,800 shares in the company, valued at $49,680. The trade was a ∞ increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have acquired 118,517 shares of company stock valued at $439,605. 4.50% of the stock is owned by corporate insiders.

Institutional Trading of Sunnova Energy International

Several large investors have recently modified their holdings of the business. Peapack Gladstone Financial Corp lifted its holdings in Sunnova Energy International by 11.0% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 32,200 shares of the company's stock valued at $314,000 after purchasing an additional 3,200 shares in the last quarter. Sanctuary Advisors LLC grew its stake in Sunnova Energy International by 36.1% in the 3rd quarter. Sanctuary Advisors LLC now owns 695,582 shares of the company's stock worth $6,775,000 after acquiring an additional 184,683 shares during the period. Virtu Financial LLC acquired a new position in Sunnova Energy International in the 3rd quarter valued at $433,000. Geode Capital Management LLC boosted its holdings in shares of Sunnova Energy International by 3.6% during the third quarter. Geode Capital Management LLC now owns 2,562,684 shares of the company's stock worth $24,965,000 after purchasing an additional 88,945 shares during the last quarter. Finally, Sylebra Capital LLC grew its position in shares of Sunnova Energy International by 125.6% in the third quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company's stock valued at $121,195,000 after purchasing an additional 6,926,399 shares during the period.

Sunnova Energy International Price Performance

The company has a 50 day moving average of $4.33 and a 200 day moving average of $6.77. The stock has a market capitalization of $489.82 million, a price-to-earnings ratio of -1.17 and a beta of 2.29. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26.

Sunnova Energy International (NYSE:NOVA - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing analysts' consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The company had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. During the same period in the prior year, the company earned ($0.53) EPS. The company's revenue was up 18.6% compared to the same quarter last year. As a group, equities research analysts forecast that Sunnova Energy International Inc. will post -2.44 EPS for the current fiscal year.

About Sunnova Energy International

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.