SOLV Energy (NASDAQ:MWH) Sets New 52-Week Low – Here’s Why

Shares of SOLV Energy Inc. (NASDAQ:MWH) reached a new 52-week low on Wednesday. The stock traded as low as $22.53 and last traded at $22.93, with a volume of 2,048,836 shares. The stock had previously closed at $23.85.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the company. Robert W. Baird decreased their target price on SOLV Energy from $50.00 to $42.00 and set an “outperform” rating for the company in a research note on Friday, August 14th. KeyCorp cut their target price on shares of SOLV Energy from $43.00 to $35.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. JPMorgan Chase & Co. reduced their price target on shares of SOLV Energy from $43.00 to $34.00 and set an “overweight” rating for the company in a research report on Monday. Canadian Imperial Bank of Commerce reiterated an “outperform” rating and set a $42.00 price objective on shares of SOLV Energy in a report on Friday, August 14th. Finally, Zacks Research cut shares of SOLV Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 8th. Ten analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $38.55.

SOLV Energy Trading Down 3.9%

The stock has a fifty day simple moving average of $26.27 and a 200-day simple moving average of $31.07. The company has a quick ratio of 1.09, a current ratio of 1.09 and a debt-to-equity ratio of 0.07.

SOLV Energy (NASDAQ:MWH) last released its 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 company had revenue of $951.24 million for the quarter. The firm’s revenue was up 77.4% compared to the same quarter last year. Research analysts expect that SOLV Energy Inc. will post 1.22 EPS for the current fiscal year.

Hedge Funds Weigh In On SOLV Energy

A number of hedge funds have recently made changes to their positions in the business. Ninety One UK Ltd raised its position in SOLV Energy by 422.7% in the third quarter. Ninety One UK Ltd now owns 1,532,243 shares of the company’s stock worth $36,804,000 after purchasing an additional 1,239,122 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in SOLV Energy in the third quarter worth $154,000. Ninety One North America Inc. lifted its position in SOLV Energy by 317.4% during the 3rd quarter. Ninety One North America Inc. now owns 283,807 shares of the company’s stock worth $6,817,000 after buying an additional 215,812 shares in the last quarter. Sax Wealth Advisors LLC bought a new stake in shares of SOLV Energy during the third quarter valued at approximately $354,000. Finally, GAMMA Investing LLC increased its stake in shares of SOLV Energy by 4,255.2% in the 3rd quarter. GAMMA Investing LLC now owns 1,263 shares of the company’s stock valued at $30,000 after buying an additional 1,234 shares during the period.

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.