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

Sunnova Energy International (NYSE:NOVA) had its price target decreased by research analysts at Morgan Stanley from $12.00 to $6.00 in a report released on Friday,Benzinga reports. The brokerage presently has an “equal weight” rating on the stock. Morgan Stanley’s price target would suggest a potential upside of 49.25% from the company’s previous close.

Several other equities research analysts have also recently weighed in on the company. Jefferies Financial Group began coverage on Sunnova Energy International in a research note on Thursday, October 10th. They set a “buy” rating and a $15.00 target price for the company. Wolfe Research downgraded Sunnova Energy International from a “strong-buy” rating to a “hold” rating in a research report on Monday, November 4th. Scotiabank boosted their target price on Sunnova Energy International from $10.00 to $14.00 and gave the stock a “sector outperform” rating in a research note on Tuesday, August 6th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Sunnova Energy International from $9.00 to $6.25 and set a “hold” rating for the company in a report on Friday, November 1st. Finally, BNP Paribas lowered 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 report on Friday, November 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and thirteen have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $10.89.

Sunnova Energy International Price Performance

Shares of NYSE NOVA opened at $4.02 on Friday. The stock has a market capitalization of $502.30 million, a PE ratio of -1.20 and a beta of 2.26. Sunnova Energy International has a fifty-two week low of $2.99 and a fifty-two week high of $16.35. The company has a debt-to-equity ratio of 3.26, a current ratio of 0.86 and a quick ratio of 0.86. The business has a fifty day moving average price of $7.47 and a two-hundred day moving average price of $6.89.

Sunnova Energy International (NYSE:NOVA) last released its earnings results on Wednesday, October 30th. The company reported ($0.98) EPS for the quarter, missing the consensus estimate of ($0.53) by ($0.45). The firm had revenue of $235.30 million during the quarter, compared to the consensus estimate of $238.23 million. Sunnova Energy International had a negative net margin of 51.02% and a negative return on equity of 11.15%. Sunnova Energy International’s quarterly revenue was up 18.6% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.53) earnings per share. As a group, equities analysts predict that Sunnova Energy International will post -2.24 earnings per share for the current fiscal year.

Insider Activity

In other news, insider William J. Berger sold 77,000 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $11.31, for a total value of $870,870.00. Following the completion of the sale, the insider now owns 409,045 shares in the company, valued at $4,626,298.95. This 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 at this hyperlink. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Sunnova Energy International

Institutional investors and hedge funds have recently modified their holdings of the business. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its position 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 valued at $78,915,000 after purchasing an additional 5,118,552 shares during the last quarter. Vanguard Group Inc. raised its position in Sunnova Energy International by 0.8% in the first quarter. Vanguard Group Inc. now owns 10,568,045 shares of the company’s stock worth $64,782,000 after acquiring an additional 81,653 shares during the period. Erste Asset Management GmbH purchased a new position in Sunnova Energy International in the third quarter valued at about $76,550,000. Handelsbanken Fonder AB raised 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 worth $71,097,000 after purchasing an additional 611,452 shares during the period. Finally, Sylebra Capital LLC purchased a new position in Sunnova Energy International in the second quarter valued at approximately $30,783,000.

About Sunnova Energy International

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.