Sunnova Energy International (NYSE:NOVA) Downgraded by Royal Bank of Canada to Sector Perform

Sunnova Energy International (NYSE:NOVA) was downgraded by research analysts at Royal Bank of Canada from an “outperform” rating to a “sector perform” rating in a research report issued on Monday, MarketBeat reports.

Other equities analysts have also recently issued research reports about the stock. Jefferies Financial Group started coverage on shares of Sunnova Energy International in a research report on Thursday, October 10th. They set a “buy” rating and a $15.00 price objective on the stock. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating on the stock in a research report on Friday, November 1st. Piper Sandler dropped their price target on shares of 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. BNP Paribas cut shares of Sunnova Energy International from a “neutral” rating to an “underperform” rating and set a $3.50 price target on the stock. in a research report on Friday, November 8th. Finally, Robert W. Baird dropped their price target on shares of Sunnova Energy International from $18.00 to $12.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $10.73.

Sunnova Energy International Stock Performance

Shares of Sunnova Energy International stock opened at $4.31 on Monday. The company has a current ratio of 0.86, a quick ratio of 0.86 and a debt-to-equity ratio of 3.26. The business has a 50-day moving average price of $5.37 and a two-hundred day moving average price of $6.97. Sunnova Energy International has a 1-year low of $2.99 and a 1-year high of $16.35. The company has a market cap of $538.55 million, a P/E ratio of -1.34 and a beta of 2.22.

Sunnova Energy International (NYSE:NOVA) last issued its quarterly earnings results on Wednesday, October 30th. The company reported ($0.98) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.53) by ($0.45). The business had revenue of $235.30 million for the quarter, compared to analyst estimates of $238.23 million. Sunnova Energy International had a negative return on equity of 11.15% and a negative net margin of 51.02%. The business’s revenue was up 18.6% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.53) earnings per share. As a group, analysts anticipate that Sunnova Energy International will post -2.44 EPS for the current year.

Insider Activity at Sunnova Energy International

In other news, CFO Eric Michael Williams purchased 13,800 shares of Sunnova Energy International stock in a transaction dated Monday, November 18th. The stock was purchased at an average cost of $3.60 per share, for a total transaction of $49,680.00. Following the transaction, the chief financial officer now directly owns 13,800 shares of the company’s stock, valued at approximately $49,680. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Akbar Mohamed purchased 50,000 shares of Sunnova Energy International stock in a transaction dated Monday, November 18th. The shares were purchased at an average price of $3.64 per share, with a total value of $182,000.00. Following the completion of the transaction, the director now directly owns 352,654 shares in the company, valued at approximately $1,283,660.56. This represents a 16.52 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 118,517 shares of company stock worth $439,605. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Erste Asset Management GmbH bought a new stake in shares of Sunnova Energy International during the 3rd quarter worth $76,550,000. Sylebra Capital LLC lifted its holdings in shares of Sunnova Energy International by 125.6% during the 3rd quarter. Sylebra Capital LLC now owns 12,443,048 shares of the company’s stock worth $121,195,000 after acquiring an additional 6,926,399 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. lifted its holdings in shares of Sunnova Energy International by 56.7% during the 2nd quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 14,142,487 shares of the company’s stock worth $78,915,000 after acquiring an additional 5,118,552 shares during the last quarter. Handelsbanken Fonder AB lifted its holdings in shares of Sunnova Energy International by 9.1% during the 3rd quarter. Handelsbanken Fonder AB now owns 7,299,445 shares of the company’s stock worth $71,097,000 after acquiring an additional 611,452 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its holdings in shares of Sunnova Energy International by 24.5% during the 2nd quarter. Electron Capital Partners LLC now owns 3,004,938 shares of the company’s stock worth $16,768,000 after acquiring an additional 591,514 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.