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

Shares of Sunnova Energy International Inc. (NYSE:NOVA) gapped down prior to trading on Tuesday after KeyCorp downgraded the stock from an overweight rating to a sector weight rating. The stock had previously closed at $3.82, but opened at $3.71. Sunnova Energy International shares last traded at $4.13, with a volume of 1,658,250 shares changing hands.

A number of other research firms have also recently weighed in on NOVA. Wells Fargo & Company reaffirmed an “equal weight” rating and set a $6.00 price objective (down from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. B. Riley lowered their price objective on Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating on the stock in a research report on Monday. Morgan Stanley reaffirmed an “equal weight” rating and set a $14.00 price objective (down from $24.00) on shares of Sunnova Energy International in a research report on Monday, March 4th. Susquehanna decreased their target price on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating on the stock in a research note on Friday, April 5th. Finally, Mizuho decreased their target price on Sunnova Energy International from $21.00 to $17.00 and set a “buy” rating on the stock in a research note on Friday, April 19th. Seven equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $18.48.

Insider Activity at Sunnova Energy International

In other Sunnova Energy International news, insider Jack O. Lynch III sold 12,994 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $6.21, for a total value of $80,692.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Sunnova Energy International news, insider Jack O. Lynch III sold 12,994 shares of the company’s stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $6.21, for a total value of $80,692.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction 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 sale, the insider now owns 14,007 shares of the company’s stock, valued at $74,377.17. The disclosure for this sale can be found here. Insiders sold a total of 23,580 shares of company stock worth $137,382 in the last quarter. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Sunnova Energy International by 2.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 45,491 shares of the company’s stock worth $663,000 after acquiring an additional 1,094 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its position in Sunnova Energy International by 3.6% during the 3rd quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,397 shares of the company’s stock valued at $465,000 after buying an additional 1,528 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in Sunnova Energy International by 8.0% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 20,898 shares of the company’s stock valued at $325,000 after buying an additional 1,554 shares in the last quarter. Principal Financial Group Inc. increased its position in Sunnova Energy International by 14.0% during the 3rd quarter. Principal Financial Group Inc. now owns 12,893 shares of the company’s stock valued at $135,000 after buying an additional 1,584 shares in the last quarter. Finally, Manchester Capital Management LLC increased its position in Sunnova Energy International by 2,959.7% during the 4th 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 in the last quarter.

Sunnova Energy International Stock Up 2.7 %

The company has a 50-day moving average of $6.10 and a 200-day moving average of $9.44. The company has a market capitalization of $486.07 million, a price-to-earnings ratio of -1.12 and a beta of 2.08. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.58.

Sunnova Energy International (NYSE:NOVA) last announced its earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share (EPS) 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 company had revenue of $194.18 million for the quarter, compared to analyst estimates of $226.09 million. On average, equities analysts predict that Sunnova Energy International Inc. will post -2.28 earnings per share for the current fiscal year.

Sunnova Energy International Company Profile

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.