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Sunnova Energy International Inc. (NYSE:NOVA) Drops -5.30%, But Further Rally Could Be Imminent

In last trading session, Sunnova Energy International Inc. (NYSE:NOVA) saw 4.2 million shares changing hands with its beta currently measuring 2.06. Company’s recent per share price level of $12.86 trading at -$0.72 or -5.30% at ring of the bell on the day assigns it a market valuation of $1.59B. That closing price of NOVA’s stock is at a discount of -125.43% from its 52-week high price of $28.99 and is indicating a premium of 3.11% from its 52-week low price of $12.46. Taking a look at company’s average trading volume for last 10-days demonstrates a volume of 3.33 million shares which gives us an average trading volume of 4.07 million if we extend that period to 3-months.

For Sunnova Energy International Inc. (NOVA), analysts’ consensus is at an average recommendation of an Overweight while assigning it a mean rating of 2.00. Splitting up the data highlights that, out of 26 analysts covering the stock, 0 rated the stock as a Sell while 3 recommended an Overweight rating for the stock. 5 suggested the stock as a Hold whereas 18 see the stock as a Buy. 0 analyst(s) advised it as an Underweight. The company is expected to be making an EPS of -$0.15 in the current quarter.

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Sunnova Energy International Inc. (NYSE:NOVA) trade information

Upright in the red during last session for losing -5.30%, in the last five days NOVA remained trading in the red while hitting it’s week-highest on Tuesday, 09/12/23 when the stock touched $12.86 price level, adding 8.01% to its value on the day. Sunnova Energy International Inc.’s shares saw a change of -28.60% in year-to-date performance and have moved -1.00% in past 5-day. Sunnova Energy International Inc. (NYSE:NOVA) showed a performance of -9.82% in past 30-days. Number of shares sold short was 31.06 million shares which calculate 7.1 days to cover the short interests.

Wall Street analysts have assigned a consensus price target of $30.29 to the stock, which implies a rise of 57.54% to its current value. Analysts have been projecting $17.00 as a low price target for the stock while placing it at a high target of $58.00. It follows that stock’s current price would drop -351.01% in reaching the projected high whereas dropping to the targeted low would mean a loss of -32.19% for stock’s current value.

Sunnova Energy International Inc. (NOVA) estimates and forecasts

Statistics highlight that Sunnova Energy International Inc. is scoring comparatively lower than the scores of other players of the relevant industry. The company lost -12.52% of value to its shares in past 6 months, showing an annual growth rate of -5.99% while that of industry is 35.20. Apart from that, the company came lowering its revenue forecast for fiscal year 2023. The company is estimating its revenue growth to increase by 72.20% in the current quarter and calculating 77.80% increase in the next quarter. This year revenue growth is estimated to rise 44.20% from the last financial year’s standing.

20 industry analysts have given their estimates about the company’s current quarter revenue by setting an average figure of $210.98 million for the same. And 20 analysts are in estimates of company making revenue of $241.37 million in the next quarter that will end on Dec 2023. Company posted $131.32 million and $195.59 million of sales in current and next quarters respectively a year earlier. Analysts are expecting this quarter sales to grow by 60.70% while estimating it to be 23.40% for the next quarter.

Weighing up company’s earnings over the past 5-year and in the next 5-year periods, we find the company posting an annual earnings growth rate of -0.20% during past 5 years. In 2023, company’s earnings growth rate is likely to be around -13.40% while estimates for its earnings growth in next 5 years are of -14.00%.

NOVA Dividends

Sunnova Energy International Inc. is more likely to be releasing its next quarterly report between October 24 and October 30 and investors are confident in the company announcing better current-quarter dividends despite the fact that it has been facing issues arising out of mounting debt.

Sunnova Energy International Inc. (NYSE:NOVA)’s Major holders

Insiders are in possession of 2.18% of company’s total shares while institution are holding 127.98 percent of that, with stock having share float percentage of 130.84%. Investors also watch the number of corporate investors in a company very closely, which is 127.98% institutions for Sunnova Energy International Inc. that are currently holding shares of the company. Blackrock Inc. is the top institutional holder at NOVA for having 17.21 million shares of worth $221.37 million. And as of Jun 29, 2023, it was holding 14.79% of the company’s outstanding shares.

The second largest institutional holder is BNP Paribas Asset Management Holding S.A., which was holding about 11.9 million shares on Jun 29, 2023. The number of shares represents firm’s hold over 10.23% of outstanding shares, having a total worth of $153.09 million.

On the other hand, Vanguard Total Stock Market Index Fund and Invesco ETF TR II-Invesco Solar ETF are the top two Mutual Funds which own company’s shares. As of Jun 29, 2023, the former fund manager was holding 3.07 million shares of worth $39.54 million or 2.64% of the total outstanding shares. The later fund manager was in possession of 2.72 million shares on Aug 30, 2023, making its stake of worth around $34.98 million in the company or a holder of 2.34% of company’s stock.

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