As of Monday, Sunnova Energy International Inc.’s (NYSE:NOVA) stock closed at $17.66, down from $17.94 the previous day. While Sunnova Energy International Inc. has underperformed by -1.56%, investors are advised to look at stock chart patterns for technical insight. Within its last year performance, NOVA fell by -29.13%, with highs and lows ranging from $31.47 to $12.46, whereas the simple moving average fell by -3.36% in the last 200 days.
On July 21, 2023, BMO Capital Markets Downgraded Sunnova Energy International Inc. (NYSE: NOVA) to Market Perform.
Analysis of Sunnova Energy International Inc. (NOVA)
Further, the quarter-over-quarter increase in sales is 13.20%, 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 -19.90% is sufficient for you to turn a profit off your investment. Taking into account the quick ratio of the company, currently set at 1.00, 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 3.65M average volume. On a monthly basis, the volatility of the stock is set at 5.98%, whereas on a weekly basis, it is put at 6.25%, with a loss of -16.06% over the past seven days. Furthermore, long-term investors anticipate a median target price of $32.93, showing growth from the present price of $17.66, 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 0.70%. This can enable you to see the extent to which executives own the company’s stock. As opposed to executive stock, institutional ownership accounts for 127.98% of the company’s shares, contributing to an indication of company value, since large shareholders may signify strength within the organization.
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 increased by 16.99% in the first quarter. The company now owns 13,759,332 shares of the stock, with a value of $251.93 million, following the purchase of 1,998,308 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 1.09%. During the last quarter, the company picked up 103,181 additional shares for a total stake of worth $175.94 million, bringing number of shares owned by the company to 9,608,935.
During the first quarter, BlackRock Fund Advisors added a 154,661 position in NOVA. Handelsbanken Fonder AB purchased an additional 0.3 million shares in the last quarter, increasing its holdings by 5.57%, now holding 5.62 million shares worth $102.82 million. At the end of the first quarter, BlackRock Investment Management increased its NOVA holdings by 25.12% and now holds 5.24 million NOVA shares valued at $95.85 million with the added 1.05 million shares during the period. NOVA shares are owned by institutional investors to the tune of 127.98% at present.