Why Sunnova Energy International Inc (NYSE: NOVA) Stock Should Not Be Taken For Granted By Investors In 2024

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In today’s recent session, 2.53 million shares of the Sunnova Energy International Inc (NYSE:NOVA) have been traded, and its beta is 2.08. Most recently the company’s share price was $5.26, and it changed around -$0.41 or -7.14% from the last close, which brings the market valuation of the company to $644.86M. NOVA at last check was trading at a discount to its 52-week high of $24.56, offering almost -366.92% off that amount. The share price’s 52-week low was $3.80, which indicates that the recent value has risen by an impressive 27.76% since then. We note from Sunnova Energy International Inc’s average daily trading volume that its 10-day average is 13.27 million shares, with the 3-month average coming to 9.28 million.

Sunnova Energy International Inc (NYSE:NOVA) trade information

Instantly NOVA has been showing red trend so far today with a performance of -7.14% on intraday trading today. The performance over the last five days has remained in the red territory. The company’s shares are currently down -65.48% year-to-date, but still down -2.32% over the last five days. On the other hand, Sunnova Energy International Inc (NYSE:NOVA) is -27.28% down in the 30-day period. We can see from the shorts that 36.13 million shares have been sold at a short interest cover period of 2.93 day(s).

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The consensus price target as assigned by Wall Street analysts is $34.7, which translates to bulls needing to increase their stock price by 84.84% from its current value. Analyst projections state that NOVA is forecast to be at a low of $9 and a high of $65.

Sunnova Energy International Inc (NOVA) estimates and forecasts

Sunnova Energy International Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -49.71 percent over the past six months and at a -7.77% annual growth rate that is well below the industry average of 8.00%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -7.10% in revenue this quarter, and will report an increase of 27.00% in the next quarter. The year-over-year growth rate is expected to be 36.50%, up from the previous year.

Consensus estimates provided by 22 financial analysts predict the company will bring in an average of $198.39 million in revenue for the current quarter. 21 analysts expect Sunnova Energy International Inc to make $242.1 million in revenue for the quarter ending Jun 2024.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -17.44%. Sunnova Energy International Inc earnings are expected to increase by 27.38% in 2024, but the outlook is negative -14.00% per year for the next five years.

NOVA Dividends

Sunnova Energy International Inc’s next quarterly earnings report is expected to be released around April 24 and April 29.

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

Upon looking at major shareholders, it appears that insiders hold 2.37% of Sunnova Energy International Inc shares, and 132.36% of them are in the hands of institutional investors. The stock currently has a share float of 135.56%. Sunnova Energy International Inc stock is held by 367 institutions, with Blackrock Inc. being the largest institutional investor. By Jun 29, 2023, it held 14.79% of the shares, which is about 17.21 million shares worth $315.19 million.

BNP Paribas Asset Management Holding S.A., with 10.23% or 11.9 million shares worth $217.97 million as of Jun 29, 2023, holds the second largest percentage of outstanding shares.

Vanguard Total Stock Market Index Fund and Invesco ETF TR II-Invesco Solar ETF were the top two Mutual Funds as of Jun 29, 2023. The former held 3.07 million shares worth $56.3 million, making up 2.64% of all outstanding shares. On the other hand, Invesco ETF TR II-Invesco Solar ETF held roughly 2.72 million shares worth around $37.83 million, which represents about 2.34% of the total shares outstanding.