B. Riley Comments on Sunnova Energy International Inc.’s Q1 2024 Earnings (NYSE:NOVA)

Sunnova Energy International Inc. (NYSE:NOVA) – Equities researchers at B. Riley reduced their Q1 2024 earnings per share estimates for shares of Sunnova Energy International in a note issued to investors on Monday, April 22nd. B. Riley analyst C. Souther now anticipates that the company will earn ($1.06) per share for the quarter, down from their prior forecast of ($0.83). B. Riley currently has a “Buy” rating and a $15.00 price target on the stock. The consensus estimate for Sunnova Energy International’s current full-year earnings is ($2.37) per share. B. Riley also issued estimates for Sunnova Energy International’s Q2 2024 earnings at ($0.74) EPS, Q3 2024 earnings at ($0.77) EPS, Q4 2024 earnings at ($1.03) EPS, FY2024 earnings at ($3.60) EPS and FY2025 earnings at ($3.40) EPS.

A number of other brokerages have also recently commented on NOVA. The Goldman Sachs Group lowered their target price on Sunnova Energy International from $14.00 to $12.00 and set a “buy” rating on the stock in a report on Thursday, April 11th. KeyCorp cut Sunnova Energy International from an “overweight” rating to a “sector weight” rating in a report on Tuesday. Evercore ISI lowered their target price on Sunnova Energy International from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Friday, February 23rd. Truist Financial reissued a “buy” rating and set a $16.00 price target (down previously from $18.00) on shares of Sunnova Energy International in a research note on Monday, February 26th. Finally, Janney Montgomery Scott raised Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 price target on the stock in a research note on Friday, March 22nd. Seven investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.48.

Sunnova Energy International Price Performance

Shares of NYSE:NOVA opened at $3.68 on Wednesday. The business’s fifty day moving average price is $5.78 and its two-hundred day moving average price is $9.36. The stock has a market cap of $455.11 million, a PE ratio of -1.05 and a beta of 2.08. The company has a debt-to-equity ratio of 3.58, a quick ratio of 0.85 and a current ratio of 0.85. Sunnova Energy International has a one year low of $3.52 and a one year high of $24.56.

Sunnova Energy International (NYSE:NOVA) last announced its earnings results on Wednesday, February 21st. The company reported ($0.20) EPS for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The firm had revenue of $194.18 million for the quarter, compared to analysts’ expectations of $226.09 million. Sunnova Energy International had a negative return on equity of 13.26% and a negative net margin of 58.00%.

Institutional Trading of Sunnova Energy International

Large investors have recently added to or reduced their stakes in the stock. Manchester Capital Management LLC increased its holdings in Sunnova Energy International by 2,959.7% in the 4th quarter. Manchester Capital Management LLC now owns 1,897 shares of the company’s stock valued at $29,000 after purchasing an additional 1,835 shares in the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA acquired a new stake in shares of Sunnova Energy International during the first quarter valued at about $25,000. Allspring Global Investments Holdings LLC grew its stake in shares of Sunnova Energy International by 158.1% during the third quarter. Allspring Global Investments Holdings LLC now owns 7,036 shares of the company’s stock valued at $74,000 after acquiring an additional 4,310 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Sunnova Energy International during the fourth quarter valued at about $157,000. Finally, Ballentine Partners LLC acquired a new stake in shares of Sunnova Energy International during the fourth quarter valued at about $161,000.

Insider Buying and Selling

In related news, insider Paul S. Mathews sold 9,500 shares of the 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 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 Securities & Exchange Commission, which is available at this link. In related news, 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 value of $80,692.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Paul S. Mathews sold 9,500 shares of the stock in a transaction on Monday, March 11th. The shares were 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. In the last ninety days, insiders have sold 23,580 shares of company stock valued at $137,382. 4.50% of the stock is currently owned by company insiders.

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.