Sunnova Energy International Inc. [NYSE: NOVA] price plunged by -7.48 percent to reach at -$2.15. The company report on May 18, 2021 that Sunnova Announces Pricing of Offering of $500 Million of 0.25% Convertible Senior Notes.
Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) announced the pricing of $500 million aggregate principal amount of 0.25% convertible senior notes due 2026 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Sunnova also granted the initial purchasers of the notes the option to purchase up to an additional $75 million aggregate principal amount of the notes within a 13-day period beginning on, and including, the date on which the notes are first issued. The sale of the notes is expected to close on May 20, 2021, subject to customary closing conditions.
The notes will be senior, unsecured obligations of Sunnova and will bear cash interest from May 20, 2021 at an annual rate of 0.25% payable on June 1 and December 1 of each year, beginning on December 1, 2021. The notes will mature on December 1, 2026, unless earlier converted, repurchased or redeemed. The initial conversion rate will be 28.9184 shares of Sunnova’s common stock, par value $0.0001, per $1,000 principal amount of notes (equivalent to an initial conversion price of approximately $34.58 per share of Sunnova’s common stock). The notes will be convertible into cash, shares of Sunnova’s common stock or a combination of cash and shares of Sunnova’s common stock, at Sunnova’s election.
A sum of 6676297 shares traded at recent session while its average daily volume was at 2.55M shares. Sunnova Energy International Inc. shares reached a high of $28.91 and dropped to a low of $27.38 until finishing in the latest session at $26.60.
Guru’s Opinion on Sunnova Energy International Inc. [NOVA]:
Evercore ISI have made an estimate for Sunnova Energy International Inc. shares, keeping their opinion on the stock as Outperform, with their previous recommendation back on April 20, 2021. While these analysts kept the previous recommendation, Credit Suisse raised their target price from $48 to $56. The new note on the price target was released on February 26, 2021, representing the official price target for Sunnova Energy International Inc. stock.
The Average True Range (ATR) for Sunnova Energy International Inc. is set at 2.86, with the Price to Sales ratio for NOVA stock in the period of the last 12 months amounting to 16.11. The Price to Book ratio for the last quarter was 2.77, with the Price to Cash per share for the same quarter was set at 1.45.
NOVA Stock Performance Analysis:
Sunnova Energy International Inc. [NOVA] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -3.94. With this latest performance, NOVA shares dropped by -30.55% in over the last four-week period, additionally sinking by -17.83% over the last 6 months – not to mention a rise of 88.39% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for NOVA stock in for the last two-week period is set at 34.88, with the RSI for the last a single of trading hit 32.37, and the three-weeks RSI is set at 37.48 for Sunnova Energy International Inc. [NOVA]. The present Moving Average for the last 50 days of trading for this stock 35.62, while it was recorded at 27.35 for the last single week of trading, and 35.63 for the last 200 days.
Insight into Sunnova Energy International Inc. Fundamentals:
Operating Margin for any stock indicates how profitable investing would be, and Sunnova Energy International Inc. [NOVA] shares currently have an operating margin of -22.25 and a Gross Margin at +53.34. Sunnova Energy International Inc.’s Net Margin is presently recorded at -156.87.
Return on Total Capital for NOVA is now -1.28, given the latest momentum, and Return on Invested Capital for the company is -10.32. Return on Equity for this stock declined to -31.58, with Return on Assets sitting at -8.31. When it comes to the capital structure of this company, Sunnova Energy International Inc. [NOVA] has a Total Debt to Total Equity ratio set at 215.03. Additionally, NOVA Total Debt to Total Capital is recorded at 68.26, with Total Debt to Total Assets ending up at 57.04. Long-Term Debt to Equity for the company is recorded at 203.25, with the Long-Term Debt to Total Capital now at 64.52.
Reflecting on the efficiency of the workforce at the company, Sunnova Energy International Inc. [NOVA] managed to generate an average of -$640,315 per employee. Receivables Turnover for the company is 3.49 with a Total Asset Turnover recorded at a value of 0.05.Sunnova Energy International Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.70.
NOVA Stock EPS
With the latest financial reports released by the company, Sunnova Energy International Inc. posted -0.31/share EPS, while the average EPS was predicted by analysts to be reported at -0.19/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -63.20%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for NOVA.
Sunnova Energy International Inc. [NOVA] Insider Position Details
There are presently around $2,782 million, or 99.10% of NOVA stock, in the hands of institutional investors. The top three institutional holders of NOVA stocks are: ECP CONTROLCO, LLC with ownership of 16,911,664, which is approximately 0% of the company’s market cap and around 0.50% of the total institutional ownership; BLACKROCK INC., holding 12,673,336 shares of the stock with an approximate value of $337.11 million in NOVA stocks shares; and VANGUARD GROUP INC, currently with $180.6 million in NOVA stock with ownership of nearly 46.007% of the company’s market capitalization.
Positions in Sunnova Energy International Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 136 institutional holders increased their position in Sunnova Energy International Inc. [NYSE:NOVA] by around 22,159,503 shares. Additionally, 94 investors decreased positions by around 12,780,683 shares, while 18 investors held positions by with 69,644,960 shares. The mentioned changes placed institutional holdings at 104,585,146 shares, according to the latest SEC report filing. NOVA stock had 45 new institutional investments in for a total of 2,018,946 shares, while 38 institutional investors sold positions of 4,472,955 shares during the same period.