Royal Bank of Canada Has Lowered Expectations for Sunnova Energy International (NYSE:NOVA) Stock Price

Sunnova Energy International (NYSE:NOVA) had its price objective cut by analysts at Royal Bank of Canada from $5.00 to $0.75 in a report released on Tuesday,Benzinga reports. The brokerage presently has a “sector perform” rating on the stock. Royal Bank of Canada’s price objective would suggest a potential upside of 50.30% from the company’s current price.

Several other equities research analysts have also recently issued reports on NOVA. Roth Mkm cut shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a research report on Monday. Piper Sandler cut their target price on Sunnova Energy International from $8.00 to $4.50 and set a “neutral” rating on the stock in a research report on Friday, November 22nd. Capital One Financial cut shares of Sunnova Energy International from an “overweight” rating to an “equal weight” rating in a report on Monday. Truist Financial cut shares of Sunnova Energy International from a “buy” rating to a “hold” rating in a report on Monday. Finally, Guggenheim cut shares of Sunnova Energy International from a “buy” rating to a “neutral” rating in a research report on Thursday, November 7th. Two analysts have rated the stock with a sell rating, nineteen have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Sunnova Energy International currently has an average rating of “Hold” and a consensus target price of $7.38.

Sunnova Energy International Stock Down 15.9 %

Shares of NYSE NOVA traded down $0.09 during mid-day trading on Tuesday, hitting $0.50. The company had a trading volume of 14,778,537 shares, compared to its average volume of 12,403,343. The company has a market capitalization of $62.35 million, a PE ratio of -0.15 and a beta of 2.28. The business’s 50-day simple moving average is $2.82 and its 200 day simple moving average is $5.58. Sunnova Energy International has a 1-year low of $0.47 and a 1-year high of $13.00. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86.

Sunnova Energy International (NYSE:NOVA) last posted its quarterly earnings results on Monday, March 3rd. The company reported ($2.96) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.79) by ($2.17). Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. The company had revenue of $224.13 million during the quarter, compared to analyst estimates of $235.85 million. During the same period in the prior year, the business earned $0.37 EPS. On average, analysts predict that Sunnova Energy International will post -2.63 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. First Trust Direct Indexing L.P. boosted its position in shares of Sunnova Energy International by 11.6% in the 3rd quarter. First Trust Direct Indexing L.P. now owns 19,373 shares of the company’s stock worth $189,000 after buying an additional 2,016 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in shares of Sunnova Energy International by 37,400.0% in the third quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock valued at $308,000 after purchasing an additional 2,992 shares in the last quarter. Peapack Gladstone Financial Corp grew its position in shares of Sunnova Energy International by 11.0% in the third quarter. Peapack Gladstone Financial Corp now owns 32,200 shares of the company’s stock valued at $314,000 after purchasing an additional 3,200 shares during the last quarter. PFG Investments LLC increased its stake in shares of Sunnova Energy International by 37.0% during the 4th quarter. PFG Investments LLC now owns 18,345 shares of the company’s stock worth $63,000 after purchasing an additional 4,955 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV raised its position in shares of Sunnova Energy International by 38.2% during the 4th quarter. Mercer Global Advisors Inc. ADV now owns 20,490 shares of the company’s stock worth $70,000 after purchasing an additional 5,662 shares during the last quarter.

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.