Sunnova Energy International Inc. [NOVA] Stock trading around $26.34 per share: What’s Next?

Sunnova Energy International Inc. [NYSE: NOVA] traded at a low on 08/16/22, posting a -11.55 loss after which it closed the day’ session at $26.34. The company report on August 16, 2022 that Sunnova Announces Pricing of Upsized Offering of $500 Million of 2.625% Convertible Senior Notes.

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Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced the pricing of $500 million aggregate principal amount of 2.625% convertible senior notes due 2028 (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 $100 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 August 19, 2022, subject to customary closing conditions.

The notes will be senior, unsecured obligations of Sunnova and will bear cash interest from August 19, 2022 at an annual rate of 2.625% payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023. The notes will mature on February 15, 2028, unless earlier converted, repurchased or redeemed. The initial conversion rate will be 29.2039 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 $34.24 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.

The results of the trading session contributed to over 11481953 shares changing hands. Over the past one week, the price volatility of Sunnova Energy International Inc. stands at 6.74% while the volatility over the past one month is 8.34%.

The market cap for NOVA stock reached $2.88 billion, with 114.55 million shares outstanding and 100.86 million shares in the current float. Compared to the average trading volume of 3.01M shares, NOVA reached a trading volume of 11481953 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about Sunnova Energy International Inc. [NOVA]?

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for NOVA shares is $38.90 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on NOVA stock is a recommendation set at 1.90. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Barclays have made an estimate for Sunnova Energy International Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on August 05, 2022. While these analysts kept the previous recommendation, Piper Sandler dropped their target price from $27 to $23. The new note on the price target was released on July 19, 2022, representing the official price target for Sunnova Energy International Inc. stock. Previously, the target price had yet another raise to $22, while Wells Fargo analysts kept a Equal Weight rating on NOVA stock. On June 21, 2022, analysts decreased their price target for NOVA shares from 31 to 24.

The Average True Range (ATR) for Sunnova Energy International Inc. is set at 2.23, with the Price to Sales ratio for NOVA stock in the period of the last 12 months amounting to 8.32. The Price to Book ratio for the last quarter was 2.32, with the Price to Cash per share for the same quarter was set at 1.90.

How has NOVA stock performed recently?

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 -3.73. With this latest performance, NOVA shares gained by 33.50% in over the last four-week period, additionally plugging by 53.68% over the last 6 months – not to mention a drop of -21.30% 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 55.59, with the RSI for the last a single of trading hit 51.53, and the three-weeks RSI is set at 56.64 for Sunnova Energy International Inc. [NOVA]. The present Moving Average for the last 50 days of trading for this stock 21.89, while it was recorded at 28.60 for the last single week of trading, and 24.00 for the last 200 days.

Sunnova Energy International Inc. [NOVA]: Deeper insight into the 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 -30.47 and a Gross Margin at +45.53. Sunnova Energy International Inc.’s Net Margin is presently recorded at -57.14.

Return on Equity for this stock declined to -12.90, with Return on Assets sitting at -3.04.

Sunnova Energy International Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.30 and a Current Ratio set at 1.70.

Insider trade positions for Sunnova Energy International Inc. [NOVA]

There are presently around $3,237 million, in the hands of institutional investors. The top three institutional holders of NOVA stocks are: BLACKROCK INC. with ownership of 16,925,084, which is approximately 2.387% of the company’s market cap and around 0.80% of the total institutional ownership; BNP PARIBAS ASSET MANAGEMENT HOLDING S.A., holding 12,829,678 shares of the stock with an approximate value of $337.93 million in NOVA stocks shares; and VANGUARD GROUP INC, currently with $248.21 million in NOVA stock with ownership of nearly 7.676% of the company’s market capitalization.

Positions in Sunnova Energy International Inc. stocks held by institutional investors increased at the end of July and at the time of the July reporting period, where 145 institutional holders increased their position in Sunnova Energy International Inc. [NYSE:NOVA] by around 15,218,932 shares. Additionally, 87 investors decreased positions by around 7,707,234 shares, while 23 investors held positions by with 99,973,445 shares. The mentioned changes placed institutional holdings at 122,899,611 shares, according to the latest SEC report filing. NOVA stock had 29 new institutional investments in for a total of 1,428,433 shares, while 28 institutional investors sold positions of 2,618,694 shares during the same period.


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