SOLV Energy (NASDAQ:MWH) Sets New 52-Week Low – Here’s Why

SOLV Energy Inc. (NASDAQ:MWH)’s share price hit a new 52-week low on Wednesday. The stock traded as low as $22.53 and last traded at $22.93, with a volume of 2,048,836 shares changing hands. The stock had previously closed at $23.85.

Analysts Set New Price Targets

MWH has been the subject of several research analyst reports. Robert W. Baird reduced their target price on SOLV Energy from $50.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. JPMorgan Chase & Co. reduced their price objective on shares of SOLV Energy from $43.00 to $34.00 and set an “overweight” rating on the stock in a research note on Monday. Zacks Research downgraded shares of SOLV Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 8th. Canadian Imperial Bank of Commerce reissued an “outperform” rating and set a $42.00 price objective on shares of SOLV Energy in a report on Friday, August 14th. Finally, Weiss Ratings downgraded shares of SOLV Energy from a “sell (d+)” rating to a “sell (d)” rating in a research report on Friday, September 25th. Ten investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, SOLV Energy currently has a consensus rating of “Moderate Buy” and an average price target of $38.55.

SOLV Energy Trading Down 7.4%

The company has a 50-day moving average of $25.91 and a 200-day moving average of $30.96. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09.

SOLV Energy (NASDAQ:MWH) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.30 EPS for the quarter, topping analysts’ consensus estimates of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. SOLV Energy’s quarterly revenue was up 77.4% on a year-over-year basis. Sell-side analysts expect that SOLV Energy Inc. will post 1.22 earnings per share for the current year.

Institutional Investors Weigh In On SOLV Energy

A number of institutional investors have recently modified their holdings of MWH. GAMMA Investing LLC raised its stake in SOLV Energy by 4,255.2% during the third quarter. GAMMA Investing LLC now owns 1,263 shares of the company’s stock worth $30,000 after acquiring an additional 1,234 shares during the period. Continuum Advisory LLC bought a new position in SOLV Energy in the second quarter worth about $142,000. State of Alaska Department of Revenue acquired a new position in SOLV Energy in the third quarter valued at approximately $154,000. Arizona State Retirement System acquired a new position in SOLV Energy in the second quarter valued at approximately $222,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of SOLV Energy in the 2nd quarter worth approximately $375,000.

SOLV Energy Company Profile

SOLV Energy is a renewable energy company that provides engineering, procurement and construction (EPC) services for utility-scale solar power and battery energy storage projects. Its services span project design, construction management, commissioning and related infrastructure development.

The company also provides operations and maintenance, asset management and optimization services intended to support the long-term performance and reliability of renewable energy facilities. SOLV Energy serves utility, commercial and institutional customers, primarily across the United States.

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