The stock of Sunnova Energy International Inc. (NYSE:NOVA) is now priced at $23.72 and the shares are -0.82 points down or -3.34% lower compared to its previous closing price of $24.54. The stock had 1.218 million contracts set over the past session. NOVA shares’ daily volume is compared to its average trading volume at 1.073 million shares. However, it has a float of 42.7 million and although its performance was 0.76% over the week, it’s one to watch. Analysts have given the NOVA stock a yearly average price target of $30 per share. It means the stock’s upside potential is 26.48% with the NOVA share price recently placing at $23.13 to $24.6199. However, some brokerage firms have priced the stock below the average, including one that has called $26.
The shorts are running away from the Sunnova Energy International Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the NOVA shares have declined. Short interest in the stock represents just 3.79% of its float, but the volume has dropped by 0.
In the last trading session, Sunnova Energy International Inc. (NYSE:NOVA) raised by $0.18 over the week and lost -$1.8 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $29.61. The stock recorded its established 52-week high on 08/10/20.
Since 03/18/20, the stock has traded to a low of $6.12 at 287.58%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge.
Looking at current readings, Sunnova Energy International Inc.’s two-week RSI is 48.72. This suggests that the stock is neutral at the moment and that NOVA shares’ price movement remains stable. The stochastic readings are equally revealing at 20.79% meaning the NOVA share price is currently in overbought territory.
The technical chart shows that the NOVA stock will likely settle at between $24.52 and $25.31 per share. However, if the stock dips below $23.03, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $22.33.
Currently, the stock is trading in the green of MACD, with a reading of 0.22. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at BofA Securities raised their recommendation for NOVA from Neutral to Buy in July 22 review while maintain their target price of $25. Credit Suisse analysts upgraded their recommendation of the stock from Neutral to Outperform while keeping its target price at $13.50 to $21.50 in a flash note released to investors on June 15. BofA/Merrill seeing the stock struggling downgraded it from Buy to Neutral on May 20 placing it at $15.
The average rating for the NOVA equity is 2 and is currently gathering a bullish momentum. Of 9 analysts tracking Sunnova Energy International Inc. polled by Reuters, 0 rated NOVA as a hold. The remaining 9 analysts were split evenly. However, the split wasn’t equal as a majority (9) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
The stocks P/S ratio currently stands below the group’s average of 77.6. Sunnova Energy International Inc. has its P/E ratio at 3, which means that the stock is currently trading at a discount relative to the 4.3 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Sunnova Energy International Inc. (NYSE:NOVA) will decrease by about -99.89%, which will see them reach $48.55 million. The company’s full-year revenues are, however, expected to increase by about 26.25%, up from $132 million to $166 million. NOVA’s expected adjusted earnings should drop almost -57.69% to end up at -$0.11 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -52.28% to record -$1.15/share.