Wells Fargo & Company Reiterates “Equal Weight” Rating for Sunnova Energy International (NYSE:NOVA)

Sunnova Energy International (NYSE:NOVA)‘s stock had its “equal weight” rating reaffirmed by stock analysts at Wells Fargo & Company in a research report issued on Friday, MarketBeat.com reports. They presently have a $6.00 target price on the stock, down from their prior target price of $11.00. Wells Fargo & Company‘s price target would indicate a potential upside of 57.89% from the company’s previous close.

Other equities research analysts have also recently issued research reports about the stock. Mizuho dropped their target price on shares of Sunnova Energy International from $25.00 to $21.00 and set a “buy” rating for the company in a research report on Tuesday, February 27th. B. Riley dropped their target price on shares of Sunnova Energy International from $25.00 to $21.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Evercore ISI dropped their target price on shares of Sunnova Energy International from $29.00 to $26.00 and set an “outperform” rating for the company in a research report on Friday, February 23rd. Janney Montgomery Scott upgraded shares of Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Friday, March 22nd. Finally, Susquehanna dropped their target price on shares of Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a research report on Friday, April 5th. Six investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Sunnova Energy International has an average rating of “Moderate Buy” and a consensus price target of $18.73.

Sunnova Energy International Price Performance

Shares of Sunnova Energy International stock opened at $3.80 on Friday. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85. Sunnova Energy International has a fifty-two week low of $3.52 and a fifty-two week high of $24.56. The firm has a fifty day moving average price of $6.40 and a two-hundred day moving average price of $9.51. The company has a market cap of $470.59 million, a PE ratio of -1.09 and a beta of 2.08.

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

Insider Buying and Selling

In other Sunnova Energy International news, insider Jack O. Lynch III sold 12,994 shares of Sunnova Energy International stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $6.21, for a total value of $80,692.74. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Sunnova Energy International news, Director Akbar Mohamed bought 152,450 shares of Sunnova Energy International stock in a transaction that occurred on Wednesday, February 28th. The stock was acquired at an average price of $6.92 per share, for a total transaction of $1,054,954.00. Following the completion of the acquisition, the director now owns 236,139 shares of the company’s stock, valued at approximately $1,634,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jack O. Lynch III sold 12,994 shares of the stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $6.21, for a total transaction of $80,692.74. The disclosure for this sale can be found here. Insiders have sold 23,580 shares of company stock valued at $137,382 in the last 90 days. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the business. Mariner LLC boosted its holdings in Sunnova Energy International by 0.5% during the fourth quarter. Mariner LLC now owns 123,835 shares of the company’s stock worth $2,230,000 after purchasing an additional 587 shares during the last quarter. Advisors Asset Management Inc. raised its position in Sunnova Energy International by 2.5% during the fourth quarter. Advisors Asset Management Inc. now owns 24,399 shares of the company’s stock worth $439,000 after acquiring an additional 591 shares in the last quarter. Cim Investment Management Inc. raised its position in Sunnova Energy International by 3.6% during the first quarter. Cim Investment Management Inc. now owns 19,647 shares of the company’s stock worth $307,000 after acquiring an additional 676 shares in the last quarter. Ensign Peak Advisors Inc raised its position in Sunnova Energy International by 3.4% during the first quarter. Ensign Peak Advisors Inc now owns 21,510 shares of the company’s stock worth $496,000 after acquiring an additional 710 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its position in Sunnova Energy International by 2.0% during the second quarter. The Manufacturers Life Insurance Company now owns 40,952 shares of the company’s stock worth $750,000 after acquiring an additional 822 shares in the last quarter.

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.