Sunnova Energy International (NYSE:NOVA) Shares Down 5.4% Following Analyst Downgrade

Shares of Sunnova Energy International Inc. (NYSE:NOVA - Get Free Report) dropped 5.4% during mid-day trading on Thursday after The Goldman Sachs Group lowered their price target on the stock from $14.00 to $12.00. The Goldman Sachs Group currently has a buy rating on the stock. Sunnova Energy International traded as low as $4.53 and last traded at $4.56. Approximately 2,453,120 shares were traded during trading, a decline of 73% from the average daily volume of 9,190,516 shares. The stock had previously closed at $4.82.

NOVA has been the subject of several other reports. Northland Securities reaffirmed a "market perform" rating and issued a $9.00 price objective (down from $12.00) on shares of Sunnova Energy International in a report on Friday, February 23rd. Morgan Stanley reissued an "equal weight" rating and issued a $14.00 price target (down from $24.00) on shares of Sunnova Energy International in a report on Monday, March 4th. Truist Financial reissued a "buy" rating and issued a $16.00 price target (down from $18.00) on shares of Sunnova Energy International in a report on Monday, February 26th. Evercore ISI cut their price target on shares of Sunnova Energy International from $29.00 to $26.00 and set an "outperform" rating for the company in a report on Friday, February 23rd. Finally, Piper Sandler raised shares of Sunnova Energy International from a "neutral" rating to an "overweight" rating and raised their price target for the company from $13.00 to $26.00 in a report on Tuesday, December 19th. Five equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $19.46.

Insider Buying and Selling

In related news, insider Paul S. Mathews sold 9,500 shares of Sunnova Energy International stock in a transaction on Monday, March 11th. The shares were sold at an average price of $5.31, for a total value of $50,445.00. Following the transaction, the insider now owns 14,007 shares in the company, valued at approximately $74,377.17. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Sunnova Energy International news, insider Paul S. Mathews sold 9,500 shares of the business's stock in a transaction dated Monday, March 11th. The shares were sold at an average price of $5.31, for a total value of $50,445.00. Following the transaction, the insider now owns 14,007 shares in the company, valued at $74,377.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Akbar Mohamed acquired 152,450 shares of the firm's stock in a transaction on Wednesday, February 28th. The stock was purchased at an average price of $6.92 per share, for a total transaction of $1,054,954.00. Following the transaction, the director now directly owns 236,139 shares of the company's stock, valued at approximately $1,634,081.88. The disclosure for this purchase can be found here. Insiders have sold a total of 23,580 shares of company stock worth $137,382 in the last 90 days. 4.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sunnova Energy International

Hedge funds have recently modified their holdings of the company. Electron Capital Partners LLC increased its position in shares of Sunnova Energy International by 42.9% during the third quarter. Electron Capital Partners LLC now owns 5,308,684 shares of the company's stock valued at $55,582,000 after buying an additional 1,593,098 shares during the period. Dimensional Fund Advisors LP increased its position in shares of Sunnova Energy International by 39.7% during the first quarter. Dimensional Fund Advisors LP now owns 3,241,007 shares of the company's stock valued at $50,618,000 after buying an additional 921,583 shares during the period. Van ECK Associates Corp increased its position in shares of Sunnova Energy International by 124.4% during the fourth quarter. Van ECK Associates Corp now owns 1,563,320 shares of the company's stock valued at $23,841,000 after buying an additional 866,705 shares during the period. Norges Bank purchased a new position in shares of Sunnova Energy International during the fourth quarter valued at about $14,254,000. Finally, Banque Pictet & Cie SA purchased a new position in shares of Sunnova Energy International during the third quarter valued at about $6,906,000.

Sunnova Energy International Price Performance

The company has a quick ratio of 0.85, a current ratio of 0.85 and a debt-to-equity ratio of 3.58. The firm's 50-day moving average is $7.14 and its 200-day moving average is $9.78. The company has a market cap of $551.71 million, a PE ratio of -1.27 and a beta of 2.08.

Sunnova Energy International (NYSE:NOVA - Get Free Report) last announced its quarterly earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.04. Sunnova Energy International had a negative net margin of 58.00% and a negative return on equity of 13.26%. The company had revenue of $194.18 million for the quarter, compared to analysts' expectations of $226.09 million. On average, equities analysts anticipate that Sunnova Energy International Inc. will post -2.01 EPS for the current year.

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.