Sunnova Energy (NOVA - Free Report) shares ended the last trading session 13.7% higher at $14.43. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 29.6% loss over the past four weeks.
Per a few media sources, Sunnova has recently revealed in a regulatory filling that it is seeking an indirect loan worth $3.3 billion from the U.S. Department of Energy to expand its customers’ access to virtual solar power plant. This should strengthen the stock’s position in the solar market, which must have boosted its investors’ confidence and in turn led to the latest price hike in NOVA’s shares.
This residential solar company is expected to post quarterly loss of $0.47 per share in its upcoming report, which represents a year-over-year change of -56.7%. Revenues are expected to be $150.7 million, up 129.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Sunnova Energy, the consensus EPS estimate for the quarter has been revised 9.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOVA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Sunnova Energy is part of the Zacks Solar industry. Emeren Group (SOL - Free Report) , another stock in the same industry, closed the last trading session 4.4% higher at $4.24. SOL has returned -13.8% in the past month.
For Emeren Group, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.08. This represents a change of +100% from what the company reported a year ago. Emeren Group currently has a Zacks Rank of #3 (Hold).
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Sunnova Energy (NOVA - Free Report) shares ended the last trading session 13.7% higher at $14.43. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 29.6% loss over the past four weeks.
Per a few media sources, Sunnova has recently revealed in a regulatory filling that it is seeking an indirect loan worth $3.3 billion from the U.S. Department of Energy to expand its customers’ access to virtual solar power plant. This should strengthen the stock’s position in the solar market, which must have boosted its investors’ confidence and in turn led to the latest price hike in NOVA’s shares.
This residential solar company is expected to post quarterly loss of $0.47 per share in its upcoming report, which represents a year-over-year change of -56.7%. Revenues are expected to be $150.7 million, up 129.3% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Sunnova Energy, the consensus EPS estimate for the quarter has been revised 9.8% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on NOVA going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Sunnova Energy is part of the Zacks Solar industry. Emeren Group (SOL - Free Report) , another stock in the same industry, closed the last trading session 4.4% higher at $4.24. SOL has returned -13.8% in the past month.
For Emeren Group, the consensus EPS estimate for the upcoming report has remained unchanged over the past month at $0.08. This represents a change of +100% from what the company reported a year ago. Emeren Group currently has a Zacks Rank of #3 (Hold).
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
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