JPMorgan Chase & Co. Issues Pessimistic Forecast for Sunnova Energy International (NYSE:NOVA) Stock Price

Sunnova Energy International (NYSE:NOVA) had its price target reduced by JPMorgan Chase & Co. from $14.00 to $11.00 in a report released on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the stock.

A number of other analysts have also weighed in on the stock. TD Cowen started coverage on shares of Sunnova Energy International in a research note on Thursday, December 19th. They issued a “hold” rating and a $5.00 price objective for the company. Piper Sandler dropped their price objective on shares of Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a research note on Friday, November 22nd. Deutsche Bank Aktiengesellschaft lowered their target price on Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a report on Friday, November 1st. BNP Paribas downgraded Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price target on the stock. in a report on Friday, November 8th. Finally, Citigroup decreased their price objective on Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, twelve have assigned a hold rating and twelve have issued a buy rating to the stock. According to MarketBeat, Sunnova Energy International has an average rating of “Hold” and an average target price of $9.64.

Sunnova Energy International Price Performance

Shares of NOVA stock opened at $3.22 on Thursday. The company has a market capitalization of $402.59 million, a P/E ratio of -0.96 and a beta of 2.29. The company’s 50-day simple moving average is $4.04 and its two-hundred day simple moving average is $6.59. Sunnova Energy International has a one year low of $2.64 and a one year high of $13.00. 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 announced its quarterly earnings data 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 firm had revenue of $235.30 million during the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The firm’s revenue for the quarter was up 18.6% compared to the same quarter last year. During the same period last year, the company earned ($0.53) EPS. As a group, equities analysts anticipate that Sunnova Energy International will post -2.57 EPS for the current year.

Insider Transactions at Sunnova Energy International

In other news, Director Akbar Mohamed acquired 54,717 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were acquired at an average price of $3.80 per share, with a total value of $207,924.60. Following the purchase, the director now directly owns 302,654 shares of the company’s stock, valued at $1,150,085.20. This trade represents a 22.07 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Eric Michael Williams bought 13,800 shares of the firm’s stock in a transaction that occurred on Monday, November 18th. The stock was purchased at an average price of $3.60 per share, with a total value of $49,680.00. Following the completion of the purchase, the chief financial officer now owns 13,800 shares in the company, valued at approximately $49,680. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have acquired 118,517 shares of company stock worth $439,605 over the last 90 days. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

Institutional investors and hedge funds have recently modified their holdings of the business. Sylebra Capital LLC grew its holdings in Sunnova Energy International by 125.6% in the third quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock valued at $121,195,000 after purchasing an additional 6,926,399 shares during the period. Erste Asset Management GmbH purchased a new position in shares of Sunnova Energy International during the 3rd quarter valued at approximately $76,550,000. Handelsbanken Fonder AB grew its stake in Sunnova Energy International by 9.1% in the 3rd 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 period. Electron Capital Partners LLC grew its stake in Sunnova Energy International by 24.5% in the 2nd quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock valued at $16,768,000 after acquiring an additional 591,514 shares during the period. Finally, Geode Capital Management LLC increased its holdings in Sunnova Energy International by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 2,562,684 shares of the company’s stock worth $24,965,000 after acquiring an additional 88,945 shares in the last quarter.

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.