Sunnova Energy International Inc. (NYSE: NOVA) stock fell -8.09% on Monday to $11.82 against a previous-day closing price of $12.86. With 5.99 million shares changed hands, the volume of the stock remained heavier than its average volume of 4.08 million shares. During the session, the Solar company that operates in wider Technology sector, reached to the highest price of $12.84 whereas the lowest price it dropped to was $11.77. The 52-week range on NOVA shows that it touched its highest point at $28.07 and its lowest point at $12.46 during that stretch. It currently has a 1-year price target of $30.35. Beta for the stock currently stands at 2.07.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of NOVA was down-trending over the past week, with a drop of -6.93%, but this was down by -12.44% over a month. Three-month performance dropped to -36.99% while six-month performance fell -8.58%. The stock lost -57.30% in the past year, while it has lost -34.37% so far this year. A look at the trailing 12-month EPS for NOVA yields -2.24 with Next year EPS estimates of -1.26. For the next quarter, that number is -0.15. This implies an EPS growth rate of -13.40% for this year and 18.70% for next year. EPS is expected to decline by -14.00% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of -0.20%.
Float and Shares Shorts:
At present, 116.24 million NOVA shares are outstanding with a float of 112.81 million shares on hand for trading. On Aug 30, 2023, short shares totaled 31.06 million, which was 25.40% higher than short shares on Jul 30, 2023. In addition to Mr. William Jackson Berger as the firm’s Chairman, Pres & CEO, Mr. Robert Lawrence Lane serves as its Exec. VP & CFO.
Institutional Ownership:
Through their ownership of 127.98% of NOVA’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 65.18% of NOVA, in contrast to 45.44% held by mutual funds. Shares owned by individuals account for 30.65%. As the largest shareholder in NOVA with 9.80% of the stake, BNP Paribas Asset Management UK L holds 11,904,678 shares worth 11,904,678. A second-largest stockholder of NOVA, The Vanguard Group, Inc., holds 9,660,593 shares, controlling over 7.95% of the firm’s shares. BlackRock Fund Advisors is the third largest shareholder in NOVA, holding 8,423,616 shares or 6.93% stake. With a 9.96% stake in NOVA, the BNP Paribas Funds – Energy Transi is the largest stakeholder. A total of 12,099,871 shares are owned by the mutual fund manager. The Handelsbanken Hallbar Energi, which owns about 4.52% of NOVA stock, is the second-largest Mutual Fund holder. It holds 5,490,386 shares valued at 76.37 million. BlackRock Global Funds SICAV – Su holds 4.05% of the stake in NOVA, owning 4,923,331 shares worth 68.48 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Jun 29, 2023, NOVA reported revenue of $147.01M and operating income of -$2.73M. The EBITDA in the recently reported quarter was $43.92M and diluted EPS was -$0.36.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for NOVA since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With NOVA analysts setting a high price target of $58.00 and a low target of $17.00, the average target price over the next 12 months is $30.29. Based on these targets, NOVA could surge 390.69% to reach the target high and rise by 43.82% to reach the target low. Reaching the average price target will result in a growth of 156.26% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded NOVA stock several times over the past three months with 1 Buys and 1 Sells. In these transactions, 119,047 shares were bought while 47,150 shares were sold. The number of buy transactions has increased to 32 while that of sell transactions has risen to 17 over the past year. The total number of shares bought during that period was 399,076 while 153,235 shares were sold.
