Sunnova Energy International (NYSE:NOVA) Downgraded to Sector Weight at KeyCorp

Sunnova Energy International (NYSE:NOVA) was downgraded by investment analysts at KeyCorp from an “overweight” rating to a “sector weight” rating in a report issued on Tuesday, Marketbeat.com reports.

NOVA has been the subject of several other reports. B. Riley reduced their price objective on Sunnova Energy International from $21.00 to $15.00 and set a “buy” rating for the company in a research note on Monday. Evercore ISI lowered their target price on Sunnova Energy International from $29.00 to $26.00 and set an “outperform” rating on the stock in a report on Friday, February 23rd. Morgan Stanley reiterated an “equal weight” rating and issued a $14.00 price objective (down previously from $24.00) on shares of Sunnova Energy International in a research report on Monday, March 4th. Northland Securities restated a “market perform” rating and set a $9.00 target price (down previously from $12.00) on shares of Sunnova Energy International in a research report on Friday, February 23rd. Finally, Susquehanna cut their target price on Sunnova Energy International from $20.00 to $12.00 and set a “positive” rating for the company in a research report on Friday, April 5th. Seven research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $18.48.

Sunnova Energy International Price Performance

Shares of NOVA opened at $3.82 on Tuesday. The company has a market cap of $472.45 million, a P/E ratio of -1.09 and a beta of 2.08. The stock has a fifty day moving average price of $6.23 and a 200 day moving average price of $9.47. The company has a debt-to-equity ratio of 3.58, a current ratio of 0.85 and a quick ratio of 0.85. Sunnova Energy International has a 12 month low of $3.52 and a 12 month high of $24.56.

Sunnova Energy International (NYSE:NOVA) last announced its earnings results on Wednesday, February 21st. The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.04. Sunnova Energy International had a negative return on equity of 13.26% and a negative net margin of 58.00%. The business had revenue of $194.18 million during the quarter, compared to analysts’ expectations of $226.09 million. On average, research analysts forecast that Sunnova Energy International will post -2.28 earnings per share for the current year.

Insider Activity

In related news, Director Akbar Mohamed purchased 152,450 shares of the stock in a transaction dated Wednesday, February 28th. The stock was bought at an average cost of $6.92 per share, with a total value of $1,054,954.00. Following the purchase, the director now directly owns 236,139 shares in the company, valued at approximately $1,634,081.88. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Paul S. Mathews sold 9,500 shares of the company’s stock in a transaction dated Monday, March 11th. The stock was sold at an average price of $5.31, for a total value of $50,445.00. Following the completion of the sale, the insider now directly owns 14,007 shares of the company’s stock, valued at approximately $74,377.17. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Akbar Mohamed acquired 152,450 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The stock was acquired at an average price of $6.92 per share, with a total value of $1,054,954.00. Following the completion of the transaction, the director now directly owns 236,139 shares in the company, valued at approximately $1,634,081.88. The disclosure for this purchase can be found here. Insiders sold a total of 23,580 shares of company stock valued at $137,382 in the last ninety days. 4.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Sunnova Energy International

Institutional investors and hedge funds have recently modified their holdings of the business. Ballentine Partners LLC acquired a new position in shares of Sunnova Energy International in the 4th quarter valued at approximately $161,000. Vanguard Group Inc. grew its position in shares of Sunnova Energy International by 3.8% in the 3rd quarter. Vanguard Group Inc. now owns 10,270,487 shares of the company’s stock valued at $107,532,000 after purchasing an additional 379,032 shares during the period. Dark Forest Capital Management LP acquired a new position in shares of Sunnova Energy International in the 3rd quarter valued at approximately $593,000. Money Concepts Capital Corp grew its position in shares of Sunnova Energy International by 20.3% in the 3rd quarter. Money Concepts Capital Corp now owns 634,117 shares of the company’s stock valued at $6,639,000 after purchasing an additional 106,819 shares during the period. Finally, Quantbot Technologies LP grew its position in shares of Sunnova Energy International by 21.8% in the 3rd quarter. Quantbot Technologies LP now owns 188,150 shares of the company’s stock valued at $1,970,000 after purchasing an additional 33,629 shares during the period.

Sunnova Energy International Company Profile

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.