Piper Sandler Cuts Sunnova Energy International (NYSE:NOVA) Price Target to $4.50

Sunnova Energy International (NYSE:NOVA) had its target price cut by equities researchers at Piper Sandler from $8.00 to $4.50 in a research note issued to investors on Friday,Benzinga reports. The firm currently has a “neutral” rating on the stock. Piper Sandler’s price objective suggests a potential downside of 3.43% from the company’s current price.

A number of other equities analysts have also weighed in on NOVA. Deutsche Bank Aktiengesellschaft lowered their price objective on Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating on the stock in a research note on Friday, November 1st. BNP Paribas lowered shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective for the company. in a report on Friday, November 8th. Barclays reduced their target price on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Truist Financial increased their price target on shares of Sunnova Energy International from $9.00 to $10.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada lifted their price target on shares of Sunnova Energy International from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Monday, August 5th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $10.73.

Sunnova Energy International Stock Performance

Sunnova Energy International stock traded up $0.29 during mid-day trading on Friday, hitting $4.66. The company had a trading volume of 4,926,237 shares, compared to its average volume of 8,366,520. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26. Sunnova Energy International has a 12-month low of $2.99 and a 12-month high of $16.35. The company’s fifty day moving average is $6.79 and its 200-day moving average is $6.88. The company has a market capitalization of $582.27 million, a price-to-earnings ratio of -1.37 and a beta of 2.26.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The company had revenue of $235.30 million during the quarter, compared to analysts’ expectations of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. Sunnova Energy International’s revenue was up 18.6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.53) EPS. Equities research analysts predict that Sunnova Energy International will post -2.29 EPS for the current year.

Insiders Place Their Bets

In other news, Director Akbar Mohamed bought 50,000 shares of the stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $3.64 per share, with a total value of $182,000.00. Following the purchase, the director now owns 352,654 shares of the company’s stock, valued at approximately $1,283,660.56. The trade was a 16.52 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, CFO Eric Michael Williams bought 13,800 shares of Sunnova Energy International stock in a transaction that occurred on Monday, November 18th. The shares were acquired at an average price of $3.60 per share, for a total transaction of $49,680.00. Following the acquisition, the chief financial officer now directly owns 13,800 shares in the company, valued at approximately $49,680. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders purchased 118,517 shares of company stock valued at $439,605. Corporate insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

Hedge funds and other institutional investors have recently bought and sold shares of the stock. State Board of Administration of Florida Retirement System raised its stake in shares of Sunnova Energy International by 14.6% during the first quarter. State Board of Administration of Florida Retirement System now owns 33,033 shares of the company’s stock valued at $202,000 after purchasing an additional 4,200 shares during the period. Vanguard Group Inc. lifted its holdings in Sunnova Energy International by 0.8% in the 1st quarter. Vanguard Group Inc. now owns 10,568,045 shares of the company’s stock worth $64,782,000 after buying an additional 81,653 shares in the last quarter. Quadrature Capital Ltd boosted its position in Sunnova Energy International by 461.6% in the 1st quarter. Quadrature Capital Ltd now owns 227,873 shares of the company’s stock valued at $1,397,000 after buying an additional 187,299 shares during the last quarter. Price T Rowe Associates Inc. MD grew its stake in shares of Sunnova Energy International by 18.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 74,332 shares of the company’s stock valued at $456,000 after acquiring an additional 11,361 shares in the last quarter. Finally, Caxton Associates LP purchased a new position in Sunnova Energy International in the first quarter valued at about $62,000.

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.