Sunnova Energy International (NYSE:NOVA) Shares Gap Up – Still a Buy?

Sunnova Energy International Inc. (NYSE:NOVA)’s stock price gapped up prior to trading on Monday . The stock had previously closed at $5.29, but opened at $5.59. Sunnova Energy International shares last traded at $5.69, with a volume of 2,225,808 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on NOVA. Truist Financial lifted their target price on Sunnova Energy International from $9.00 to $10.00 and gave the stock a “buy” rating in a research note on Monday, July 29th. Scotiabank lifted their price objective on shares of Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a research report on Tuesday, August 6th. Barclays reduced their target price on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Morgan Stanley lifted their price target on shares of Sunnova Energy International from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 21st. Finally, Guggenheim increased their price objective on Sunnova Energy International from $7.00 to $10.00 and gave the company a “buy” rating in a report on Friday, July 26th. Six analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.11.

Sunnova Energy International Stock Performance

The stock has a market capitalization of $653.66 million, a P/E ratio of -1.81 and a beta of 2.21. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.11. The company has a 50-day moving average price of $8.97 and a two-hundred day moving average price of $6.87.

Sunnova Energy International (NYSE:NOVA) last posted its earnings results on Wednesday, July 31st. The company reported ($0.27) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.27. Sunnova Energy International had a negative net margin of 45.76% and a negative return on equity of 8.85%. The business had revenue of $219.60 million for the quarter, compared to analyst estimates of $220.38 million. During the same quarter in the prior year, the firm posted ($0.74) EPS. Sunnova Energy International’s revenue was up 32.0% on a year-over-year basis. Equities analysts expect that Sunnova Energy International Inc. will post -1.99 earnings per share for the current year.

Insider Activity

In related news, insider William J. Berger sold 77,000 shares of Sunnova Energy International stock in a transaction 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 sale, the insider now owns 409,045 shares of the company’s stock, valued at approximately $4,626,298.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Several hedge funds have recently bought and sold shares of NOVA. Sylebra Capital LLC bought a new position in shares of Sunnova Energy International in the 2nd quarter worth $30,783,000. BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Sunnova Energy International by 56.7% in the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 14,142,487 shares of the company’s stock worth $78,915,000 after acquiring an additional 5,118,552 shares in the last quarter. Handelsbanken Fonder AB increased its stake in Sunnova Energy International by 9.1% in the third quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock valued at $71,097,000 after acquiring an additional 611,452 shares during the last quarter. Electron Capital Partners LLC raised its position in Sunnova Energy International by 24.5% during the second quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock valued at $16,768,000 after purchasing an additional 591,514 shares in the last quarter. Finally, Westwood Holdings Group Inc. lifted its stake in Sunnova Energy International by 3,168.8% during the first quarter. Westwood Holdings Group Inc. now owns 574,127 shares of the company’s stock worth $3,519,000 after purchasing an additional 556,563 shares during 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.