Wall Street PR

Company

Customize Consent Preferences

We use cookies to help you navigate efficiently and perform certain functions. You will find detailed information about all cookies under each consent category below.

The cookies that are categorized as "Necessary" are stored on your browser as they are essential for enabling the basic functionalities of the site. ... 

Always Active

Necessary cookies are required to enable the basic features of this site, such as providing secure log-in or adjusting your consent preferences. These cookies do not store any personally identifiable data.

No cookies to display.

Functional cookies help perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.

No cookies to display.

Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics such as the number of visitors, bounce rate, traffic source, etc.

No cookies to display.

Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.

No cookies to display.

Advertisement cookies are used to provide visitors with customized advertisements based on the pages you visited previously and to analyze the effectiveness of the ad campaigns.

No cookies to display.

Why Sunnova Energy Stock Leaped 23% Higher Today

Date:

News of an insider stock buy, combined with improving sentiment on clean energy stocks, helped drive Sunnova Energy‘s (NOVA 22.96%) shares well higher on Wednesday. The solar energy company ended up being quite the outperformer with a 23% gain in price during the session; this was particularly impressive when matched against the S&P 500 index’s flat performance.

The CFO buys in

The Sunnova insider snapping up shares was none other than the company’s CFO, Eric Williams. According to a regulatory disclosure filed that day, Williams bought 13,800 shares of Sunnova at a weighted average price of $3.60 per share. While that sub-$50,000 buy isn’t massive given the company’s nearly $530 million market cap or its almost 125 million shares outstanding, it is a sign of confidence in its business.

That news came amid growing — or at least cautious — optimism about the fate of the clean energy sector in the face of an incoming presidential administration many feel could be hostile to it. However, fears are melting away a bit on the realization that Republican-leaning states have benefited from “green” initiatives baked into the government’s sprawling Inflation Reduction Act.

What’s more, Sunnova very recently announced a promising new project. The company announced Tuesday that it has been selected by the Penobscot Nation to deploy a battery energy storage system (BESS) for the Native American tribe. The half-megawatt system will power a number of the tribe’s facilities in Maine.

Relief rally?

The investor reaction felt like something of a relief rally, a blowback to the sharp pessimism in the air following Donald Trump’s victory in the presidential election. While these recent news items are encouraging for Sunnova, we should remember that solar is a tough business, as shown by the company’s habit of posting bottom-line losses. It’s easy to get caught up in sentiment; what always matters more is business strategy and performance.

Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Go Source

Chart

SignUp For Breaking Alerts

New Graphic

We respect your email privacy

Share post:

Popular

More like this
Related

2025 QuantNet Ranking of Best Financial Engineering Programs

Your Privacy When you visit any website it may use...

AI Enthusiasm Redux

Your Privacy When you visit any website it may use...

AI Enthusiasm, Robust Earnings Drive Stocks to Records: Jan. 22, 2025

Stocks are jumping toward fresh all-time highs as investors...

VC Firms – Who and What Are They?

Well-known companies like Google, Apple, and many others had...