Morgan Stanley Lowers Sunnova Energy International (NYSE:NOVA) Price Target to $6.00

Sunnova Energy International (NYSE:NOVA) had its price objective reduced by Morgan Stanley from $12.00 to $6.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s target price suggests a potential upside of 60.00% from the company’s previous close.

A number of other analysts also recently weighed in on the stock. Barclays reduced their target price on shares of Sunnova Energy International from $12.00 to $10.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Susquehanna upped their price target on shares of Sunnova Energy International from $12.00 to $14.00 and gave the company a “positive” rating in a report on Friday, August 2nd. BMO Capital Markets reissued a “market perform” rating and issued a $8.00 price objective (down previously from $10.00) on shares of Sunnova Energy International in a research note on Friday, November 1st. BNP Paribas cut Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price objective for the company. in a report on Friday, November 8th. Finally, Wolfe Research lowered Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research note on Monday, November 4th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $10.89.

Sunnova Energy International Price Performance

NYSE:NOVA opened at $3.75 on Friday. The business’s 50-day moving average is $7.34 and its 200 day moving average is $6.90. Sunnova Energy International has a 12 month low of $2.99 and a 12 month high of $16.35. The company has a market capitalization of $468.56 million, a P/E ratio of -1.12 and a beta of 2.26. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings data on Wednesday, October 30th. 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 return on equity of 11.15% and a negative net margin of 51.02%. The firm had revenue of $235.30 million for the quarter, compared to analysts’ expectations of $238.23 million. During the same period last year, the company earned ($0.53) earnings per share. The firm’s revenue was up 18.6% on a year-over-year basis. On average, equities research analysts forecast that Sunnova Energy International will post -2.24 earnings per share for the current fiscal year.

Insider Transactions at Sunnova Energy International

In other news, insider William J. Berger sold 77,000 shares of the firm’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $11.31, for a total value of $870,870.00. Following the completion of the transaction, the insider now directly owns 409,045 shares in the company, valued at $4,626,298.95. This trade represents a 15.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Sunnova Energy International

Hedge funds and other institutional investors have recently bought and sold shares of the business. Handelsbanken Fonder AB boosted its holdings in shares of Sunnova Energy International by 9.1% in the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock valued at $71,097,000 after acquiring an additional 611,452 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund grew its position in Sunnova Energy International by 23.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 357,781 shares of the company’s stock worth $1,996,000 after purchasing an additional 67,749 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Sunnova Energy International during the 2nd quarter worth about $1,042,000. International Assets Investment Management LLC lifted its holdings in shares of Sunnova Energy International by 37,400.0% in the 3rd quarter. International Assets Investment Management LLC now owns 3,000 shares of the company’s stock valued at $308,000 after buying an additional 2,992 shares during the period. Finally, Sylebra Capital LLC purchased a new stake in shares of Sunnova Energy International in the second quarter worth about $30,783,000.

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.