BNP Paribas Asset Management UK L 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 33.31% to 15.87 million shares with purchase of 3.97 million shares. This fresh investment now brings its stake to 12.96% valued currently at $144.9 million. In addition, Pictet Asset Management SA raised its holdings by 10.32 million to 10.32 million shares. And The Vanguard Group, Inc. has lifted its position by 3.92% or 0.38 million shares – to 10.04 million shares.
With over 5.71 million Sunnova Energy International Inc (NOVA) shares trading Tuesday and a closing price of $11.00 on the day, the dollar volume was approximately $62.79 million. The shares have shown a negative half year performance of -37.78% and its price on 11/28/23 gained nearly 8.06%. Currently, there are 114.94M common shares owned by the public and among those 106.17M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 29 analysts who have offered their price forecasts for NOVA have a consensus price objective of $20.07. The analysts have set the share’s price value over the next 12 months at a high of $58.00 and a low of $10.00. The average price target is 45.19% above its recent price level and a downside to the estimated low will see the stock lose -10.0% over that period. But an upside of 81.03% will see the stock hit the forecast high price target while median target price for the stock is $18.00.
Insiders at the company have transacted a total of 46 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 30 of these insider trades were purchases, accounting for 394,700 shares. Insider sales of the common stock occurred on 16 occasions, with total insider shares sold totaling 152,908 shares.
The top 3 mutual fund holders in Sunnova Energy International Inc are BNP Paribas Funds – Energy Transi, Handelsbanken Hallbar Energi, and BlackRock Global Funds SICAV – Su. BNP Paribas Funds – Energy Transi owns 14.48 million shares of the company’s stock, all valued at over $132.18 million. The company sold -0.32 million shares recently to bring their total holdings to about 11.83% of the shares outstanding. Handelsbanken Hallbar Energi sold -0.48 million shares to see its total holdings shrink to 5.01 million shares valued at over $45.75 million and representing 4.09% of the shares outstanding. BlackRock Global Funds SICAV – Su sold -0.93 million shares to bring its total holdings to over 4.16 million shares at a value of $37.94 million. BlackRock Global Funds SICAV – Su now owns shares totaling to 3.40% of the shares outstanding.
Shares of Sunnova Energy International Inc (NYSE: NOVA) opened at $10.06, down -$0.12 from a prior closing price of $10.18. The company’s stock has a 5-day price change of 0.00% and -22.10% over the past three months. NOVA shares are trading -38.92% year to date (YTD), with the 12-month market performance down to -53.05% lower. It has a 12-month low price of $7.61 and touched a high of $24.56 over the same period. NOVA has an average intraday trading volume of 5.59 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 10.97%, 10.65%, and -26.36% respectively.
Institutional ownership of Sunnova Energy International Inc (NYSE: NOVA) shares accounts for 110.41% of the company’s 114.94M shares outstanding. Mutual fund holders own 47.99%, while other institutional holders and individual stakeholders account for 65.31% and 30.43% respectively.
It has a market capitalization of $1.35B and a beta (3y monthly) value of 2.10. The earnings-per-share (ttm) stands at -$2.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 6.26% over the week and 7.90% over the month.
Analysts forecast that Sunnova Energy International Inc (NOVA) will achieve an EPS of -$0.11 for the current quarter, -$0.45 for the next quarter and -$1.53 for 2024. The lowest estimate earnings-per-share for the quarter is -$0.78 while analysts give the company a high EPS estimate of $1.43. Comparatively, EPS for the current quarter was -$0.18 a year ago. Earnings per share for the fiscal year are expected to decrease by -42.04%, and 13.54% over the next financial year. EPS should shrink at an annualized rate of -14.00% over the next five years, compared to 0.00% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 29 brokerage firm advisors rate Sunnova Energy International Inc (NOVA) as a “Strong Buy” at a consensus score of 1.59. Specifically, 19 Wall Street analysts polled rate the stock as a buy, while 7 of the 29 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. Mizuho stated their Buy rating for the stock in a research note on November 21, 2023, with the firm’s price target at $20.
