SOLV Energy (NASDAQ:MWH) Shares Up 10.5% - Here's What Happened

Key Points

• SOLV Energy shares surged 10.5% to about $26.52 in midday trading, although volume was 85% below the stock’s average daily level.
• Analyst sentiment remains broadly positive, with 10 Buy ratings, two Holds and one Sell; the consensus rating is “Moderate Buy” with an average price target of $38.55, despite several recent target cuts.
• The company exceeded quarterly earnings expectations, reporting $0.30 in EPS versus $0.26 expected, while revenue reached $951.24 million—up 77.4% year over year.

SOLV Energy Inc. (NASDAQ:MWH - Get Free Report) shares shot up 10.5% during mid-day trading on Tuesday. The company traded as high as $26.31 and last traded at $26.5190. 235,513 shares changed hands during trading, a decline of 85% from the average daily volume of 1,524,187 shares. The stock had previously closed at $24.00.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. cut their price target on SOLV Energy from $43.00 to $34.00 and set an "overweight" rating for the company in a research note on Monday, October 19th. Robert W. Baird decreased their target price on shares of SOLV Energy from $50.00 to $42.00 and set an "outperform" rating on the stock in a research note on Friday, August 14th. Weiss Ratings cut SOLV Energy from a "sell (d+)" rating to a "sell (d)" rating in a report on Friday, September 25th. TD Cowen upped their price target on SOLV Energy from $32.00 to $35.00 and gave the company a "buy" rating in a research report on Tuesday, August 25th. Finally, Canadian Imperial Bank of Commerce reaffirmed an "outperform" rating and issued a $42.00 price target on shares of SOLV Energy in a report on Friday, August 14th. Ten research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $38.55.

SOLV Energy Trading Up 12.8%

The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.09 and a current ratio of 1.09. The stock has a market cap of $5.48 billion and a price-to-earnings ratio of 90.55. The company has a 50 day moving average of $25.01 and a 200-day moving average of $30.34.

SOLV Energy (NASDAQ:MWH - Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.30 EPS for the quarter, beating the consensus estimate of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. SOLV Energy's revenue was up 77.4% on a year-over-year basis. On average, research analysts anticipate that SOLV Energy Inc. will post 1.22 earnings per share for the current year.

Institutional Investors Weigh In On SOLV Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. GAMMA Investing LLC boosted its holdings in shares of SOLV Energy by 4,255.2% in the third quarter. GAMMA Investing LLC now owns 1,263 shares of the company's stock valued at $30,000 after acquiring an additional 1,234 shares during the period. WPG Advisers LLC purchased a new stake in SOLV Energy in the 3rd quarter valued at $32,000. Continuum Advisory LLC purchased a new stake in SOLV Energy in the 2nd quarter valued at $142,000. State of Alaska Department of Revenue acquired a new stake in SOLV Energy during the 3rd quarter worth $154,000. Finally, Arizona State Retirement System acquired a new stake in SOLV Energy during the 2nd quarter worth $222,000.

About SOLV Energy

SOLV Energy is a renewable energy company that provides engineering, procurement and construction (EPC) services for utility-scale solar power and battery energy storage projects. Its services span project design, construction management, commissioning and related infrastructure development.

The company also provides operations and maintenance, asset management and optimization services intended to support the long-term performance and reliability of renewable energy facilities. SOLV Energy serves utility, commercial and institutional customers, primarily across the United States.

The company was previously known as Swinerton Renewable Energy and adopted the SOLV Energy name in 2021.

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