Morgan Stanley Has Lowered Expectations for Sunnova Energy International (NYSE:NOVA) Stock Price

Sunnova Energy International (NYSE:NOVA) had its price target decreased by investment analysts at Morgan Stanley from $12.00 to $6.00 in a note issued to investors on Friday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Morgan Stanley’s target price would suggest a potential upside of 60.00% from the company’s previous close.

Several other equities analysts also recently weighed in on the company. BMO Capital Markets restated a “market perform” rating and set a $8.00 price target (down from $10.00) on shares of Sunnova Energy International in a report on Friday, November 1st. Royal Bank of Canada lifted their target price on shares of Sunnova Energy International from $9.00 to $10.00 and gave the stock an “outperform” rating in a report on Monday, August 5th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating on the stock in a report on Friday, November 1st. Susquehanna boosted their price objective on shares of Sunnova Energy International from $12.00 to $14.00 and gave the stock a “positive” rating in a report on Friday, August 2nd. Finally, Piper Sandler lifted their target price on Sunnova Energy International from $7.00 to $8.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. One analyst has rated the stock with a sell rating, nine have given a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $10.89.

Sunnova Energy International Stock Down 6.9 %

Shares of Sunnova Energy International stock opened at $3.75 on Friday. Sunnova Energy International has a 1 year low of $2.99 and a 1 year high of $16.35. The firm has a market cap of $468.56 million, a price-to-earnings ratio of -1.12 and a beta of 2.26. The company has a 50-day moving average of $7.34 and a 200 day moving average of $6.90. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The business had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $238.23 million. Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. Sunnova Energy International’s revenue for the quarter was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) earnings per share. As a group, sell-side analysts anticipate that Sunnova Energy International will post -2.24 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider William J. Berger sold 77,000 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $11.31, for a total transaction of $870,870.00. Following the completion of the transaction, the insider now directly owns 409,045 shares in the company, valued at approximately $4,626,298.95. The trade was a 15.84 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

Several large investors have recently added to or reduced their stakes in the company. First Affirmative Financial Network raised its position in shares of Sunnova Energy International by 12.9% during the 2nd quarter. First Affirmative Financial Network now owns 14,829 shares of the company’s stock valued at $83,000 after purchasing an additional 1,691 shares during the period. First Trust Direct Indexing L.P. lifted its position in shares of Sunnova Energy International by 11.6% in the third quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock valued at $189,000 after acquiring an additional 2,016 shares in the last quarter. Ballentine Partners LLC boosted its stake in shares of Sunnova Energy International by 15.9% in the third quarter. Ballentine Partners LLC now owns 21,515 shares of the company’s stock worth $210,000 after acquiring an additional 2,956 shares during the period. International Assets Investment Management LLC grew its position in shares of Sunnova Energy International by 37,400.0% during the third quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock worth $308,000 after purchasing an additional 2,992 shares in the last quarter. Finally, The Manufacturers Life Insurance Company grew its position in shares of Sunnova Energy International by 6.7% during the second quarter. The Manufacturers Life Insurance Company now owns 56,487 shares of the company’s stock worth $315,000 after purchasing an additional 3,559 shares in the last quarter.

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.