Sunnova Energy International Inc’s (NYSE: NOVA) Future In 2024

Sunnova Energy International Inc (NYSE:NOVA) shares, rose in value, with the stock price up by 4.14% to the previous day’s close as strong demand from buyers drove the stock to $5.28.

Actively observing the price movement in the last trading, the stock closed the session at $5.07. The value of beta (5-year monthly) was 2.11. Referring to stock’s 52-week performance, its high was $24.56, and the low was $3.80. On the whole, NOVA has fluctuated by -23.48% over the past month.

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With the market capitalization of Sunnova Energy International Inc currently standing at about $646.69 million, investors are eagerly awaiting this quarter’s results, scheduled for Apr 24, 2024 – Apr 29, 2024. 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 -$0.75, which is expected to increase to -$0.06 for fiscal year -$2.17 and then to about -$1.79 by fiscal year 2025. Data indicates that the EPS growth is expected to be 38.50% in 2025, while the next year’s EPS growth is forecast to be 17.50%.

Analysts have estimated the company’s revenue for the quarter at $198.39 million, with a low estimate of $153 million and a high estimate of $237 million. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $982.08 million, representing an increase of 36.30% 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% Sell on average. However, medium term indicators have put the stock in the category of 100% Sell while long term indicators on average have been pointing out that it is a 100% Sell.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of NOVA currently trading nearly -0.38% and -34.16% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 41.27, while the 7-day volatility ratio is showing 11.51% which for the 30-day chart, stands at 12.14%. Furthermore, Sunnova Energy International Inc (NOVA)’s beta value is 2.10, and its average true range (ATR) is 0.73.

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 4.14% in last session, and over the past year, it shrunk by -66.20%%.

Data on historical trading for Sunnova Energy International Inc (NYSE:NOVA) indicates that the trading volumes over the past 10 days have averaged 13.62 million and over the past 3 months, they’ve averaged 9.39 million. According to company’s latest data on outstanding shares, there are 122.47 million shares outstanding.

Nearly 13.51% of Sunnova Energy International Inc’s shares belong to company insiders and institutional investors own 110.50% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 36.13 million shares as on Mar 15, 2024, resulting in a short ratio of 2.93. According to the data, the short interest in Sunnova Energy International Inc (NOVA) stood at 29.49% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 34.32 million. The stock has fallen by -65.38% 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.