Barclays Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $9.00

Sunnova Energy International (NYSE:NOVA) had its price target reduced by Barclays from $10.00 to $9.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research analysts have also recently commented on the company. JPMorgan Chase & Co. dropped their price target on Sunnova Energy International from $14.00 to $11.00 and set an “overweight” rating on the stock in a research report on Thursday, January 23rd. Jefferies Financial Group initiated coverage on shares of Sunnova Energy International in a report on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective on the stock. BMO Capital Markets reiterated a “market perform” rating and issued a $8.00 target price (down previously from $10.00) on shares of Sunnova Energy International in a research note on Friday, November 1st. The Goldman Sachs Group dropped their price target on shares of Sunnova Energy International from $12.00 to $11.00 and set a “buy” rating on the stock in a research note on Tuesday, December 17th. Finally, Piper Sandler reduced their price objective on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating for the company in a research note on Friday, November 22nd. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.60.

Sunnova Energy International Stock Performance

Shares of NOVA stock opened at $2.57 on Wednesday. The company has a quick ratio of 0.86, a current ratio of 0.86 and a debt-to-equity ratio of 3.26. Sunnova Energy International has a 52 week low of $2.55 and a 52 week high of $13.00. The firm’s 50-day simple moving average is $3.94 and its two-hundred day simple moving average is $6.44.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The company had revenue of $235.30 million during the quarter, compared to the consensus estimate of $238.23 million. During the same period last year, the firm posted ($0.53) EPS. The company’s revenue for the quarter was up 18.6% compared to the same quarter last year. On average, equities research analysts forecast that Sunnova Energy International will post -2.57 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Eric Michael Williams purchased 13,800 shares of the business’s stock in a transaction that occurred on Monday, November 18th. The shares were bought at an average price of $3.60 per share, for a total transaction of $49,680.00. Following the purchase, the chief financial officer now directly owns 13,800 shares of the company’s stock, valued at approximately $49,680. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Akbar Mohamed purchased 50,000 shares of the stock in a transaction dated Monday, November 18th. The stock was bought at an average cost of $3.64 per share, with a total value of $182,000.00. Following the transaction, the director now owns 352,654 shares in the company, valued at $1,283,660.56. The trade was a 16.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired 118,517 shares of company stock valued at $439,605 over the last quarter. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. International Assets Investment Management LLC lifted its stake in Sunnova Energy International by 37,400.0% during the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock valued at $308,000 after acquiring an additional 2,992 shares during the period. GAMMA Investing LLC lifted its holdings in shares of Sunnova Energy International by 736.3% during the 3rd quarter. GAMMA Investing LLC now owns 8,756 shares of the company’s stock valued at $85,000 after buying an additional 7,709 shares during the period. Creative Planning purchased a new position in shares of Sunnova Energy International in the 3rd quarter worth $107,000. PFG Investments LLC bought a new stake in shares of Sunnova Energy International in the third quarter worth $130,000. Finally, Mercer Global Advisors Inc. ADV purchased a new stake in Sunnova Energy International during the second quarter valued at $78,000.

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.