SOLV Energy (NASDAQ:MWH) Downgraded to Hold Rating by Zacks Research

Key Points

• Zacks Research downgraded SOLV Energy from “strong buy” to “hold,” although analysts overall maintain a “Moderate Buy” consensus with an average price target of $39.91.
• SOLV Energy shares opened at $25.09, near the lower end of their 12-month range of $23.83 to $48.40, with a market capitalization of approximately $5.08 billion.
• The company exceeded quarterly earnings expectations, reporting $0.30 in EPS versus a $0.26 estimate, while revenue rose 77.4% year over year to $951.24 million.

SOLV Energy (NASDAQ:MWH - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a report released on Tuesday, Zacks reports.

Several other equities analysts have also issued reports on the company. Weiss Ratings upgraded SOLV Energy from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 14th. TD Cowen boosted their price objective on SOLV Energy from $32.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, August 25th. Guggenheim increased their price objective on SOLV Energy from $37.00 to $50.00 and gave the company a "buy" rating in a research note on Tuesday, May 26th. UBS Group restated a "neutral" rating and issued a $50.00 target price (up from $42.00) on shares of SOLV Energy in a report on Thursday, May 14th. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and issued a $42.00 target price on shares of SOLV Energy in a research note on Friday, August 14th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $39.91.

SOLV Energy Stock Performance

NASDAQ MWH opened at $25.09 on Tuesday. The company has a 50-day simple moving average of $28.24 and a two-hundred day simple moving average of $31.93. SOLV Energy has a 12-month low of $23.83 and a 12-month high of $48.40. The firm has a market cap of $5.08 billion and a price-to-earnings ratio of 83.63. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07.

SOLV Energy (NASDAQ:MWH - Get Free Report) last released its quarterly earnings data on Thursday, August 13th. The company reported $0.30 EPS for the quarter, topping the consensus estimate of $0.26 by $0.04. The company had revenue of $951.24 million during the quarter. The company's quarterly revenue was up 77.4% on a year-over-year basis. On average, equities analysts forecast that SOLV Energy will post 1.28 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. American Securities LLC bought a new stake in shares of SOLV Energy in the 2nd quarter worth approximately $2,823,440,000. California State Teachers Retirement System purchased a new position in shares of SOLV Energy during the second quarter valued at approximately $30,983,000. Neumeier Poma Investment Counsel LLC bought a new position in shares of SOLV Energy during the second quarter valued at approximately $18,320,262. Wellington Management Group LLP bought a new position in shares of SOLV Energy during the second quarter valued at approximately $4,852,000. Finally, Squarepoint Ops LLC purchased a new stake in SOLV Energy in the second quarter worth $4,037,000.

About SOLV Energy

SOLV Energy NASDAQ: MWH is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.

The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.

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