In Tuesday’s session, Sunnova Energy International Inc. (NYSE:NOVA) marked $20.15 per share, down from $20.52 in the previous session. While Sunnova Energy International Inc. has underperformed by -1.80%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, NOVA fell by -0.69%, with highs and lows ranging from $31.47 to $12.47, whereas the simple moving average fell by -4.11% in the last 200 days.
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On January 06, 2023, Wells Fargo Upgraded Sunnova Energy International Inc. (NYSE: NOVA) to Overweight. A report published by Citigroup on December 15, 2022, Initiated its previous ‘Buy’ rating for NOVA. Janney also rated NOVA shares as ‘Buy’, setting a target price of $33 on the company’s shares in an initiating report dated December 01, 2022. Deutsche Bank Initiated an Buy rating on November 15, 2022, and assigned a price target of $36. Wolfe Research October 20, 2022d its ‘Outperform’ rating to ‘Peer Perform’ for NOVA, as published in its report on October 20, 2022. Susquehanna’s report from October 17, 2022 suggests a price prediction of $38 for NOVA shares, giving the stock a ‘Positive’ rating. Barclays also rated the stock as ‘Overweight’.
Analysis of Sunnova Energy International Inc. (NOVA)
Further, the quarter-over-quarter increase in sales is 116.80%, showing a positive trend in the upcoming months.
Sunnova Energy International Inc.’s future performance can be determined with the help of several well-rounded types of analysis and research techniques, with equity being one of the most influential. The goal here is to ensure that your current return on equity of -11.80% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.60, 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.
The average volume for any stock is also a very valuable indicator of volatility, and NOVA has an average volume of 3.12M. On a monthly basis, the volatility of the stock is set at 6.96%, whereas on a weekly basis, it is put at 8.78%, with a loss of -7.40% over the past seven days. Furthermore, long-term investors anticipate a median target price of $37.00, showing growth from the present price of $20.15, 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?
In addition to analyzing the fundamentals, it is also important to look at how many company employees own stock. 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 0.70%. 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 -20.44% in the first quarter. The company now owns 9,803,298 shares of the stock, with a value of $176.56 million, following the sale of -2,519,099 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 1.24%. During the last quarter, the company picked up 114,372 additional shares for a total stake of worth $168.77 million, bringing number of shares owned by the company to 9,370,802.
During the first quarter, BlackRock Fund Advisors added a 22,540 position in NOVA. Handelsbanken Fonder AB purchased an additional 62969.0 shares in the last quarter, increasing its holdings by 1.24%, now holding 5.14 million shares worth $92.52 million. At the end of the first quarter, Pictet Asset Management SA decreased its NOVA holdings by -4.59% and now holds 4.06 million NOVA shares valued at $73.15 million with the lessened -0.2 million shares during the period.
