SOLV Energy (NASDAQ:MWH) Trading 6.8% Higher - What's Next?

Key Points

• SOLV Energy shares rose 6.8% to $26.17 in mid-day trading, although trading volume was 73% below its average daily level.
• Analysts maintain a generally positive outlook, with 10 Buy ratings, two Holds and one Sell; the stock has a “Moderate Buy” consensus rating and an average price target of $39.91.
• The company exceeded quarterly earnings expectations, reporting $0.30 per share versus the $0.26 consensus, while revenue surged 77.4% year over year to $951.24 million.

SOLV Energy Inc. (NASDAQ:MWH - Get Free Report) shares rose 6.8% during mid-day trading on Friday . The stock traded as high as $25.97 and last traded at $26.17. 421,174 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 1,558,748 shares. The stock had previously closed at $24.50.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on MWH shares. Guggenheim increased their price target on SOLV Energy from $37.00 to $50.00 and gave the stock a "buy" rating in a research note on Tuesday, May 26th. Weiss Ratings upgraded SOLV Energy from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, August 14th. Robert W. Baird dropped their price objective on shares of SOLV Energy from $50.00 to $42.00 and set an "outperform" rating on the stock in a report on Friday, August 14th. UBS Group reiterated a "neutral" rating and set a $50.00 target price (up from $42.00) on shares of SOLV Energy in a research report on Thursday, May 14th. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating and issued a $42.00 price target on shares of SOLV Energy in a research report on Friday, August 14th. Ten investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, SOLV Energy has an average rating of "Moderate Buy" and an average target price of $39.91.

SOLV Energy Stock Up 5.8%

The company has a 50 day moving average of $28.12 and a 200-day moving average of $31.88. The company has a debt-to-equity ratio of 0.07, a current ratio of 1.09 and a quick ratio of 1.09. The company has a market cap of $5.25 billion and a P/E ratio of 86.50.

SOLV Energy (NASDAQ:MWH - Get Free Report) last announced its earnings results on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. The business's revenue for the quarter was up 77.4% compared to the same quarter last year. On average, equities analysts predict that SOLV Energy Inc. will post 1.28 earnings per share for the current year.

Institutional Investors Weigh In On SOLV Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Continuum Advisory LLC purchased a new position in SOLV Energy in the 2nd quarter worth approximately $142,000. Arizona State Retirement System purchased a new stake in shares of SOLV Energy during the 2nd quarter valued at $222,000. Public Employees Retirement System of Ohio bought a new stake in shares of SOLV Energy during the 2nd quarter worth $375,000. Maven Securities LTD bought a new stake in shares of SOLV Energy during the 2nd quarter worth $535,000. Finally, Readystate Asset Management LP purchased a new position in SOLV Energy in the second quarter worth $1,022,000.

About SOLV Energy

SOLV Energy is a renewable-energy services company that specializes in the development, engineering, procurement and construction of utility-scale solar power projects. The company also provides operations and maintenance services intended to support the long-term performance, reliability and efficiency of solar facilities.

In addition to solar photovoltaic installations, SOLV Energy works on battery energy-storage projects and related electrical infrastructure. Its services span project planning and design, equipment procurement, construction management, commissioning, and ongoing technical and field support for renewable-energy assets.

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

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