SOLV Energy (NASDAQ:MWH) Shares Up 6.8% – Time to Buy?

SOLV Energy Inc. (NASDAQ:MWH) shares rose 6.8% during mid-day trading on Friday . The company traded as high as $25.97 and last traded at $26.17. 421,174 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 1,558,748 shares. The stock had previously closed at $24.50.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on MWH. Robert W. Baird decreased their price objective on SOLV Energy from $50.00 to $42.00 and set an “outperform” rating on the stock in a report on Friday, August 14th. Weiss Ratings upgraded shares of SOLV Energy from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, August 14th. TD Cowen lifted their price target on shares of SOLV Energy from $32.00 to $35.00 and gave the stock a “buy” rating in a research note on Tuesday, August 25th. Zacks Research lowered shares of SOLV Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Finally, UBS Group reaffirmed a “neutral” rating and issued a $50.00 price objective (up from $42.00) on shares of SOLV Energy in a research note on Thursday, May 14th. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $39.91.

SOLV Energy Price Performance

The firm has a fifty day moving average of $28.12 and a two-hundred day moving average of $31.88. The company has a current ratio of 1.09, a quick ratio of 1.09 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $5.25 billion and a PE ratio of 86.50.

SOLV Energy (NASDAQ:MWH) last announced its quarterly earnings results on Thursday, August 13th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.04. The company had revenue of $951.24 million during the quarter. The business’s revenue was up 77.4% compared to the same quarter last year. Research analysts anticipate that SOLV Energy Inc. will post 1.28 EPS for the current fiscal year.

Institutional Investors Weigh In On SOLV Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MWH. Bank of New York Mellon Corp grew its holdings in SOLV Energy by 697.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock worth $3,359,000 after acquiring an additional 86,290 shares during the last quarter. American Securities LLC bought a new position in shares of SOLV Energy during the second quarter valued at about $2,823,440,000. Neumeier Poma Investment Counsel LLC purchased a new stake in shares of SOLV Energy during the second quarter worth about $18,320,262. Wellington Management Group LLP purchased a new stake in shares of SOLV Energy during the second quarter worth about $4,852,000. Finally, Readystate Asset Management LP bought a new stake in shares of SOLV Energy in the second quarter worth about $1,022,000.

About SOLV Energy

SOLV Energy is a renewable-energy services company that specializes in the development, engineering, procurement and construction of utility-scale solar power projects. The company also provides operations and maintenance services intended to support the long-term performance, reliability and efficiency of solar facilities.

In addition to solar photovoltaic installations, SOLV Energy works on battery energy-storage projects and related electrical infrastructure. Its services span project planning and design, equipment procurement, construction management, commissioning, and ongoing technical and field support for renewable-energy assets.

The company was formerly known as Swinerton Renewable Energy and adopted the SOLV Energy name in 2021.