As of Monday, Sunnova Energy International Inc.’s (NYSE:NOVA) stock closed at $24.21, down from $26.02 the previous day. While Sunnova Energy International Inc. has underperformed by -6.96%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, NOVA fell by -36.46%, with highs and lows ranging from $46.40 to $12.47, whereas the simple moving average fell by -2.23% in the last 200 days.
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On July 19, 2022, Piper Sandler Downgraded Sunnova Energy International Inc. (NYSE: NOVA) to Neutral. A report published by Wells Fargo on June 29, 2022, Initiated its previous ‘Equal Weight’ rating for NOVA. Goldman also Downgraded NOVA shares as ‘Neutral’, setting a target price of $24 on the company’s shares in a report dated June 21, 2022. Northland Capital Initiated an Outperform rating on May 18, 2022, and assigned a price target of $30. Truist initiated its ‘Buy’ rating for NOVA, as published in its report on May 02, 2022. Truist’s report from January 24, 2022 suggests a price prediction of $32 for NOVA shares, giving the stock a ‘Buy’ rating. Truist also rated the stock as ‘Buy’.
Analysis of Sunnova Energy International Inc. (NOVA)
Further, the quarter-over-quarter increase in sales is 120.70%, showing a positive trend in the upcoming months.
One of the most important indicators of Sunnova Energy International Inc.’s future performance is equity, which can be evaluated using several well-rounded types of analysis and research techniques. The goal here is to ensure that your current return on equity of -9.30% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.30, you can see that the company can cover any debts it may have, which can easily be seen in the annual report of the company.
For any stock, average volume can also provide valuable insight into volatility, and NOVA is recording 3.01M average volume. On a monthly basis, the volatility of the stock is set at 8.26%, whereas on a weekly basis, it is put at 9.67%, with a gain of 26.75% over the past seven days. Furthermore, long-term investors anticipate a median target price of $37.53, showing growth from the present price of $24.21, which can serve as yet another indication of whether NOVA is worth investing in or should be passed over.
How Do You Analyze Sunnova Energy International Inc. Shares?
Along with the fundamentals, it is also important to consider how many employees own shares of the company. This is because the values should be in line with investors’ expectations. As such, the current holdings of company stock inside the company are set at 0.80%. This can enable you to see the extent to which executives own the company’s stock.
Are institutional investors increasing their holdings in NOVA shares?
The recent increase in stakes in NOVA appears to be a result of several institutional investors and hedge funds increasing their positions. BNP Paribas Asset Management UK L’s position in NOVA has decreased by -1.14% in the first quarter. The company now owns 11,951,520 shares of the stock, with a value of $220.27 million, following the sale of -137,592 additional shares during the last quarter. The Vanguard Group, Inc. made another increased to its shares in NOVA during the first quarter, upping its stake by 1.70%. During the last quarter, the company dropped down 143,373 additional shares for a total stake of worth $158.5 million, bringing number of shares owned by the company to 8,600,339.
During the first quarter, BlackRock Fund Advisors subtracted a -478,218 position in NOVA. Handelsbanken Fonder AB purchased an additional 0.97 million shares in the last quarter, increasing its holdings by 24.19%, now holding 5.0 million shares worth $92.14 million. At the end of the first quarter, BlackRock Investment Management increased its NOVA holdings by 16.79% and now holds 4.93 million NOVA shares valued at $90.77 million with the added 0.71 million shares during the period.