Sunnova Energy International Inc [NOVA] Stock trading around $5.67 per share: What’s Next?

Sunnova Energy International Inc [NYSE: NOVA] stock went on a downward path that fall over -7.50% on Monday, amounting to a one-week price decrease of less than -2.07%. The company report on March 26, 2024 at 7:00 AM that Sunnova Selected as Exclusive National Solar and Battery Storage Services Provider for The Home Depot, Bringing Solar and Battery Storage to Homeowners Nationwide.

Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA), a leading adaptive energy services company, announced today that it has entered a strategic partnership with The Home Depot whereby Sunnova will now be the sole provider of solar and battery storage services in The Home Depot stores across the United States and its territories. This groundbreaking agreement will provide consumers with access to the Sunnova Adaptive Home™ energy offerings in over 2,000 Home Depot stores.

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“We are thrilled to become the exclusive provider for home solar and battery storage services for The Home Depot, a company that shares our commitment to providing an unparalleled customer experience,” said Michael Grasso, Executive Vice President, Chief Revenue Officer at Sunnova. “Our goal is to make clean, affordable and reliable energy services more accessible to everyone. As utility rates continue to skyrocket across the country, weather patterns worsen, and remote work becomes more prevalent, the need for resilient, affordable, and dependable power at the home is non-negotiable. We understand that rethinking how you power your home is a critical decision, and now shoppers at The Home Depot stores nationwide will have easy access to Sunnova’s solar and storage offerings.”.

Over the last 12 months, NOVA stock dropped by -59.27%. The one-year Sunnova Energy International Inc stock forecast points to a potential upside of 67.03. The average equity rating for NOVA stock is currently 1.50, trading closer to a bullish pattern in the stock market.

The market cap for the stock reached $694.46 million, with 122.47 million shares outstanding and 105.94 million shares in the current float. Compared to the average trading volume of 9.19M shares, NOVA stock reached a trading volume of 7495047 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Guru’s Opinion on 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 $17.20 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 1.50. 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.

Janney have made an estimate for Sunnova Energy International Inc shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 22, 2024. While these analysts kept the previous recommendation, Morgan Stanley dropped their target price from $24 to $14. The new note on the price target was released on March 04, 2024, representing the official price target for Sunnova Energy International Inc stock. On February 23, 2024, analysts decreased their price target for NOVA shares from 12 to 9.

The Average True Range (ATR) for Sunnova Energy International Inc is set at 0.75, with the Price to Sales ratio for NOVA stock in the period of the last 12 months amounting to 0.96. The Price to Book ratio for the last quarter was 0.45, with the Price to Cash per share for the same quarter was set at 2.25.

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 -2.07. With this latest performance, NOVA shares dropped by -22.12% in over the last four-week period, additionally sinking by -45.27% over the last 6 months – not to mention a drop of -59.27% 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 43.45, with the RSI for the last a single of trading hit 48.22, and the three-weeks RSI is set at 41.60 for Sunnova Energy International Inc [NOVA]. The present Moving Average for the last 50 days of trading for this stock 8.12, while it was recorded at 5.74 for the last single week of trading, and 12.27 for the last 200 days.

Insight into Sunnova Energy International Inc Fundamentals:

Sunnova Energy International Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.72 and a Current Ratio set at 0.85.


With the latest financial reports released by the company, Sunnova Energy International Inc posted -0.7/share EPS, while the average EPS was predicted by analysts to be reported at -0.65/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -7.70%. 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. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Sunnova Energy International Inc go to -14.00%.

Sunnova Energy International Inc [NOVA] Institutonal Ownership Details

The top three institutional holders of NOVA stocks are: VANGUARD GROUP INC with ownership of 1.32 billion shares, which is approximately 8.4983%. BLACKROCK INC., holding 1.04 billion shares of the stock with an approximate value of $200.69 billion in NOVA stocks shares; and BERKSHIRE HATHAWAY INC, currently with $174.35 billion in NOVA stock with ownership which is approximately 5.8386%.