SOLV Energy (NASDAQ:MWH) Hits New 12-Month High - What's Next?

Key Points

• SOLV Energy (NASDAQ:MWH) hit a new 52-week high, trading as high as $34.60 and last at $34.6870 on a volume of 227,748 shares, up from the prior close of $32.67.
• Multiple firms (JPMorgan, Wolfe Research, Evercore) recently initiated coverage with bullish ratings, leaving the stock with a consensus Buy rating and an average price target of $35.10 (1 Strong Buy, 9 Buy, 1 Hold).
• SOLV reported a quarterly EPS beat of $0.30 versus $0.15 expected and saw revenue rise 80% year-over-year; the company develops and operates commercial solar and energy storage projects.

SOLV Energy Inc. (NASDAQ:MWH - Get Free Report) shares reached a new 52-week high during trading on Tuesday . The company traded as high as $34.60 and last traded at $34.6870, with a volume of 227748 shares. The stock had previously closed at $32.67.

Analysts Set New Price Targets

MWH has been the topic of a number of research analyst reports. JPMorgan Chase & Co. initiated coverage on SOLV Energy in a research report on Monday, March 9th. They set an "overweight" rating and a $34.00 target price on the stock. Wolfe Research initiated coverage on SOLV Energy in a report on Monday, March 9th. They issued an "outperform" rating and a $35.00 price target for the company. Zacks Research raised SOLV Energy to a "hold" rating in a report on Tuesday, March 10th. Evercore initiated coverage on SOLV Energy in a report on Monday, March 9th. They issued an "outperform" rating and a $34.00 price target for the company. Finally, Wall Street Zen raised SOLV Energy to a "hold" rating in a report on Sunday, February 22nd. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $35.10.

SOLV Energy Price Performance

SOLV Energy (NASDAQ:MWH - Get Free Report) last released its quarterly earnings results on Thursday, March 19th. The company reported $0.30 earnings per share for the quarter, topping analysts' consensus estimates of $0.15 by $0.15. SOLV Energy's quarterly revenue was up 80.0% compared to the same quarter last year.

SOLV Energy Company Profile

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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