Sunnova Energy International Inc. (NYSE: NOVA) stock price showed a weekly price decline of 1.72%. Although on July 7, 2023, Friday’s trading session, the stock noted a 4.90% price rise supported by the active bulls, this bullishness took the price to trade near to its 50-day moving average. Notably, since the beginning of this year, NOVA stock price noted a 2.47% drop in its year-to-date (YTD) price analysis.
NOVA Stock Price Analysis
With the majority of bulls in the market, the NOVA stock price moved upwards from the opening price of $17.04 while noting high at $18.06 on Friday. This bullish movement can be seen in its upcoming July 10, 2023, trading session, if the bulls continuously show their dominance.
On Friday, NOVA stock closed at $17.76 while the pre-market price of stock is showing at $17.75 to $17.54, which shows decline in its price. If this price decline continues, then the RSI which previously took an upside ride, will start sliding down. This once again started showing a bearish trend, which the NOVA stock has been following nearly since 1-year.
As per the analysts forecasts, they have set their 1-year price target for the NOVA stock at $33.83. While their minimum estimate is $19.00, the maximum estimate is $63.00, as seen in the above chart.
The Fundamentals of Sunnova Energy
Sunnova Energy International Inc. (NYSE: NOVA), a residential solar and energy storage service provider company, has nearly $2.06 Billion of market cap. The company released its Q1 2023 earnings and revenue report on April 26, 2023, which states its net income of the quarter to be negative $81.08 Million.
Additionally, the report states its reported earnings per share (EPS) to be negative $0.70 while the estimate was negative $0.54.
Moreover, the reported revenue of the company was $161.70 Million while the estimate was $153.16 Million. For the upcoming second quarter of this year, the company’s estimated EPS is negative $0.36, whereas the estimated revenue is expected to reach $202.69 Million.
Furthermore, the revenue of Sunnova Energy International Inc. calculated to $557.69 Million last year, most of which around $195.98 Million came from its highest performing source at the moment, Inventory Sales. The U.S. made the most contribution to its revenue figure, accounting for $557.69 Million last year.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/10/will-sunnova-energy-nova-stock-price-continue-the-upside-trend/