Sunnova Energy International (NYSE:NOVA) Shares Gap Down After Earnings Miss

Sunnova Energy International Inc. (NYSE:NOVA) shares gapped down before the market opened on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $5.38, but opened at $5.03. Sunnova Energy International shares last traded at $5.01, with a volume of 2,096,608 shares trading hands.

The company reported ($0.98) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.53) by ($0.45). Sunnova Energy International had a negative net margin of 45.76% and a negative return on equity of 8.85%. The business had revenue of $235.30 million during the quarter, compared to analyst estimates of $238.23 million. During the same quarter in the prior year, the firm posted ($0.53) earnings per share. Sunnova Energy International’s revenue for the quarter was up 18.6% compared to the same quarter last year.

Analyst Ratings Changes

Several brokerages recently weighed in on NOVA. Wells Fargo & Company upped their price objective on Sunnova Energy International from $6.00 to $9.00 and gave the stock an “equal weight” rating in a research report on Tuesday, August 6th. Barclays reduced their price target on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Citigroup dropped their price objective on shares of Sunnova Energy International from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Tuesday, October 22nd. Guggenheim boosted their price objective on Sunnova Energy International from $7.00 to $10.00 and gave the stock a “buy” rating in a research report on Friday, July 26th. Finally, The Goldman Sachs Group increased their target price on Sunnova Energy International from $10.00 to $13.00 and gave the company a “buy” rating in a research report on Friday, August 2nd. Six equities research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, Sunnova Energy International currently has an average rating of “Moderate Buy” and a consensus price target of $12.11.

Insiders Place Their Bets

In other news, insider William J. Berger sold 77,000 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $11.31, for a total value of $870,870.00. Following the transaction, the insider now owns 409,045 shares of the company’s stock, valued at $4,626,298.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Sunnova Energy International

Hedge funds have recently added to or reduced their stakes in the company. Peoples Bank KS bought a new stake in Sunnova Energy International in the second quarter worth $56,000. Caxton Associates LP purchased a new position in shares of Sunnova Energy International in the first quarter worth $62,000. First Trust Direct Indexing L.P. bought a new stake in Sunnova Energy International during the 1st quarter valued at $66,000. Presidio Capital Management LLC purchased a new stake in Sunnova Energy International during the 2nd quarter valued at $67,000. Finally, nVerses Capital LLC grew its holdings in Sunnova Energy International by 237.8% in the 2nd quarter. nVerses Capital LLC now owns 12,500 shares of the company’s stock worth $70,000 after acquiring an additional 8,800 shares during the last quarter.

Sunnova Energy International Price Performance

The stock has a market cap of $640.55 million, a PE ratio of -1.86 and a beta of 2.21. The business’s 50-day simple moving average is $8.88 and its 200-day simple moving average is $6.86. The company has a quick ratio of 0.97, a current ratio of 0.97 and a debt-to-equity ratio of 3.11.

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.