KeyCorp Lowers Sunnova Energy International (NYSE:NOVA) to Sector Weight

Sunnova Energy International (NYSE:NOVA) was downgraded by stock analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a note issued to investors on Tuesday, MarketBeat Ratings reports. KeyCorp also issued estimates for Sunnova Energy International’s Q1 2024 earnings at ($0.77) EPS, Q2 2024 earnings at ($0.83) EPS and Q3 2024 earnings at ($0.39) EPS.

A number of other research firms have also commented on NOVA. Susquehanna cut their price target on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a report on Friday, April 5th. Wells Fargo & Company restated an “equal weight” rating and set a $6.00 target price (down from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $14.00 price target (down previously from $24.00) on shares of Sunnova Energy International in a report on Monday, March 4th. Truist Financial reiterated a “buy” rating and set a $16.00 price target (down previously from $18.00) on shares of Sunnova Energy International in a research report on Monday, February 26th. Finally, B. Riley decreased their price objective on shares of Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $18.48.

Sunnova Energy International Price Performance

NOVA opened at $3.92 on Tuesday. Sunnova Energy International has a twelve month low of $3.52 and a twelve month high of $24.56. The company’s 50-day moving average price is $5.94 and its two-hundred day moving average price is $9.40. The stock has a market cap of $485.45 million, a price-to-earnings ratio of -1.12 and a beta of 2.08. The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.58.

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

Insider Buying and Selling

In other news, insider Paul S. Mathews sold 9,500 shares of the stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $5.31, for a total value of $50,445.00. Following the completion of the transaction, the insider now owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $5.31, for a total transaction of $50,445.00. Following the completion of the transaction, the insider now directly owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Jack O. Lynch III sold 12,994 shares of the business’s stock in a transaction that occurred on Thursday, March 7th. The stock was sold at an average price of $6.21, for a total value of $80,692.74. The disclosure for this sale can be found here. Insiders sold a total of 23,580 shares of company stock valued at $137,382 over the last three months. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

Large investors have recently modified their holdings of the stock. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in Sunnova Energy International during the 1st quarter valued at about $25,000. Manchester Capital Management LLC grew its holdings in shares of Sunnova Energy International by 2,959.7% during the fourth quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after buying an additional 1,835 shares during the last quarter. First Trust Direct Indexing L.P. purchased a new position in Sunnova Energy International in the 1st quarter worth approximately $66,000. Allspring Global Investments Holdings LLC raised its stake in shares of Sunnova Energy International by 158.1% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,036 shares of the company’s stock worth $74,000 after purchasing an additional 4,310 shares during the last quarter. Finally, NewEdge Wealth LLC purchased a new stake in shares of Sunnova Energy International during the third quarter valued at $125,000.

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.