Clal Pension & Provident Funds Lt.. recently announced the acquisition of new stake in Sunnova Energy International Inc. (NYSE:NOVA). The institutional investor has increased its shareholding in the Technology company by 20.85% to 4.41 million shares with purchase of 0.76 million shares. This fresh investment now brings its stake to 5.19% valued currently at $110.4 million. In addition, Handelsbanken Fonder AB raised its holdings by 82283.0 to 2.98 million shares. And Wellington Management Co. LLP has lifted its position by 0.55% or 14773.0 shares – to 2.7 million shares.
With over 1.31 million Sunnova Energy International Inc. (NOVA) shares trading Monday and a closing price of $23.72 on the day, the dollar volume was approximately $31.05 million. The shares have shown a positive weekly performance of 0.76% and its price on 08/31/20 lost nearly -3.34%. Currently, there are 84.03M common shares owned by the public and among those 42.70M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 9 analysts who have offered their price forecasts for NOVA have a consensus price objective of $30.00. The analysts have set the share’s price value over the next 12 months at a high of $36.00 and a low of $26.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Sunnova Energy International Inc. stock is 1.80 for the next 12 months. The average price target is 20.93% above its last price level and an upside to the estimated low will see the stock gain 8.77% over that period. But an upside of 34.11% will see the stock hit the forecast high price target while mean target price for the stock is $29.00.
Insiders at the company have transacted a total of 47 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 29 of these insider trades were purchases, accounting for 575,340 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 10,056,633 shares.
The top 3 mutual fund holders in Sunnova Energy International Inc. are Handelsbanken Global Tema, Handelsbanken Hallbar Energi, and Invesco Solar ETF. Handelsbanken Global Tema owns 1.93 million shares of the company’s stock, all valued at over $48.14 million. Handelsbanken Hallbar Energi bought 0.51 million shares to see its total holdings expand to 1.49 million shares valued at over $37.32 million and representing 1.76% of the shares outstanding. Invesco Solar ETF bought 8936.0 shares to bring its total holdings to over 1.18 million shares at a value of $29.46 million. Invesco Solar ETF now owns shares totaling to 1.39% of the shares outstanding.
Shares of Sunnova Energy International Inc. (NYSE: NOVA) opened at $24.50, down -$0.04 from a prior closing price of $24.54. However, the script later closed the day at $23.72, down -3.34%. The company’s stock has a 5-day price change of 0.76% and 52.05% over the past three months. NOVA shares are trading 112.54% year to date (YTD), with the 12-month market performance up to 124.62% higher. It has a 12-month low price of $6.12 and touched a high of $29.61 over the same period. Currently, 1.31 million shares have been traded, compared to an average intraday trading volume of 1.07 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -7.33%, 6.00%, and 55.15% respectively.
Institutional ownership of Sunnova Energy International Inc. (NYSE: NOVA) shares accounts for 90.80% of the company’s 84.03M shares outstanding. Mutual fund holders own 25.64%, while other institutional holders and individual stakeholders account for 52.41% and 14.34% respectively.
It has a market capitalization of $2.11B. The earnings-per-share (ttm) stands at -$1.97. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.35% over the week and 6.64% over the month.
Analysts forecast that Sunnova Energy International Inc. (NOVA) will achieve an EPS of -$0.11 for the current quarter, -$0.21 for the next quarter and -$0.01 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.43 while analysts give the company a high EPS estimate of $0.42. Comparatively, EPS for the current quarter was -$0.26 a year ago. Earnings per share for the fiscal year are expected to decrease by -164.60%, and 99.10% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 9 brokerage firm advisors rate Sunnova Energy International Inc. (NOVA) as a “Strong Buy” at a consensus score of 1.80. Specifically, 7 Wall Street analysts polled rate the stock as a buy, while 0 of the 9 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the NOVA, a number of firms have released research notes about the stock. BofA Securities stated their Buy rating for the stock in a research note on July 22, 2020, with the firm’s price target at $25. Credit Suisse coverage for the Sunnova Energy International Inc. (NOVA) stock in a research note released on June 15, 2020 offered a Outperform rating with a price target of $21.50. BofA/Merrill was of a view on May 20, 2020 that the stock is Neutral, while Credit Suisse gave the stock Neutral rating on May 19, 2020, issuing a price target of $12.50- $13.50. Raymond James on their part issued Outperform rating on April 07, 2020.