Sunnova Energy International (NYSE:NOVA) Shares Gap Up Following Earnings Beat

Sunnova Energy International Inc. (NYSE:NOVA) gapped up before the market opened on Thursday after the company announced better than expected quarterly earnings. The stock had previously closed at $3.53, but opened at $3.94. Sunnova Energy International shares last traded at $4.17, with a volume of 7,090,301 shares.

The company reported ($0.57) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.79) by $0.22. Sunnova Energy International had a negative return on equity of 12.35% and a negative net margin of 56.52%. The company had revenue of $160.90 million for the quarter, compared to analyst estimates of $193.78 million. During the same quarter last year, the company posted ($0.70) EPS. The company’s revenue for the quarter was down .5% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

NOVA has been the topic of a number of research reports. Wells Fargo & Company restated an “equal weight” rating and set a $6.00 price objective (down previously from $11.00) on shares of Sunnova Energy International in a research report on Friday, April 19th. Truist Financial reduced their price objective on Sunnova Energy International from $16.00 to $9.00 and set a “buy” rating on the stock in a research report on Tuesday. Morgan Stanley reiterated an “equal weight” rating and issued a $14.00 price target (down previously from $24.00) on shares of Sunnova Energy International in a research report on Monday, March 4th. Janney Montgomery Scott upgraded Sunnova Energy International from a “neutral” rating to a “buy” rating and set a $12.00 price target on the stock in a research report on Friday, March 22nd. Finally, Robert W. Baird reduced their price target on Sunnova Energy International from $14.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Sunnova Energy International currently has an average rating of “Moderate Buy” and a consensus price target of $16.71.

Insider Buying and Selling

In related news, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $5.31, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The stock was sold at an average price of $5.31, for a total transaction 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Jack O. Lynch III sold 12,994 shares of the 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. In the last three months, insiders have sold 23,580 shares of company stock valued at $137,382. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

Several institutional investors have recently modified their holdings of the business. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Sunnova Energy International by 2.5% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 45,491 shares of the company’s stock valued at $663,000 after acquiring an additional 1,094 shares in the last quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. grew its holdings in shares of Sunnova Energy International by 3.6% in the third quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 44,397 shares of the company’s stock valued at $465,000 after acquiring an additional 1,528 shares in the last quarter. DekaBank Deutsche Girozentrale grew its holdings in shares of Sunnova Energy International by 8.0% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 20,898 shares of the company’s stock valued at $325,000 after acquiring an additional 1,554 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Sunnova Energy International by 14.0% in the third quarter. Principal Financial Group Inc. now owns 12,893 shares of the company’s stock valued at $135,000 after acquiring an additional 1,584 shares in the last quarter. Finally, Manchester Capital Management LLC grew its holdings in 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 purchasing an additional 1,835 shares during the period.

Sunnova Energy International Trading Up 8.3 %

The firm has a fifty day simple moving average of $5.11 and a two-hundred day simple moving average of $9.15. The firm has a market capitalization of $592.57 million, a P/E ratio of -1.43 and a beta of 2.15. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85.

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.