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Sunnova Energy International Inc. (NYSE: NOVA) Stock: Looks Like A Good Investment

Sunnova Energy International Inc. (NYSE:NOVA) shares, rose in value on Thursday, 06/23/22, with the stock price up by 11.86% to the previous day’s close as strong demand from buyers drove the stock to $21.51.

Actively observing the price movement in the last trading, the stock closed the session at $19.23, falling within a range of $19.084 and $21.65. The value of beta (5-year monthly) was 2.21. Referring to stock’s 52-week performance, its high was $46.40, and the low was $12.47. On the whole, NOVA has fluctuated by 21.94% over the past month.

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With the market capitalization of Sunnova Energy International Inc. currently standing at about $2.19 billion, investors are eagerly awaiting this quarter’s results, scheduled for Apr 26, 2022 – May 02, 2022. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.18, which is expected to increase to $0.88 for fiscal year -$0.77 and then to about -$0.41 by fiscal year 2023. Data indicates that the EPS growth is expected to be 38.40% in 2023, while the next year’s EPS growth is forecast to be 46.80%.

Analysts have estimated the company’s revenue for the quarter at $87.73 million, with a low estimate of $79 million and a high estimate of $100 million. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $350.73 million, representing an increase of 45.10% from the revenues reported in the last year’s results.

Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were no upward and no downward review(s) in last seven days. We see that NOVA’s technical picture suggests that short-term indicators denote the stock is a 50% Buy on average. However, medium term indicators have put the stock in the category of 50% Sell while long term indicators on average have been pointing out that it is a 50% Sell.

18 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 1 analyst(s), 15 recommend it as a Buy and 2 called the NOVA stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Buy.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NOVA currently trading nearly 6.92% and 16.15% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 56.88, while the 7-day volatility ratio is showing 10.57% which for the 30-day chart, stands at 8.59%. Furthermore, Sunnova Energy International Inc. (NOVA)’s average true range (ATR) is 1.76. The company’s stock has been forecasted to trade at an average price of $39.94 over the course of the next 52 weeks, with a low of $24.00 and a high of $69.00. Based on these price targets, the low is -11.58% off current price, whereas the price has to move -220.78% to reach the yearly target high. Additionally, analysts’ median price of $37.00 is likely to be welcomed by investors because it represents a decrease of -72.01% from the current levels.

A comparison of Sunnova Energy International Inc. (NOVA) with its peers suggests the former has fared considerably weaker in the market. NOVA showed an intraday change of 11.86% in last session, and over the past year, it shrunk by -42.90%%. On the other hand, the price of General Electric Company (GE) has fallen -0.73% on the day. The stock, however, is off -38.16% from where it was a year ago. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 0.95%. Meanwhile, the Dow Jones Industrial Improved by 0.64%.

Data on historical trading for Sunnova Energy International Inc. (NYSE:NOVA) indicates that the trading volumes over the past 10 days have averaged 2.84 million and over the past 3 months, they’ve averaged 2.85 million. According to company’s latest data on outstanding shares, there are 113.50 million shares outstanding.

The data on short interest also indicates that stock shorts accounted for 16.06 million shares as on Apr 28, 2022, resulting in a short ratio of 5.3. According to the data, the short interest in Sunnova Energy International Inc. (NOVA) stood at 14.01% of shares outstanding as of Apr 28, 2022; the number of short shares registered in Mar 30, 2022 reached 14.57 million. The stock has fallen by -22.96% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the NOVA stock heading into the next quarter.

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