Solar Stock Cools Despite Bullish Analyst Sentiment

NOVA carries a more than 22% year-to-date deficit

Fernanda Horner

Digital Content Manager

Dec 18, 2023 at 10:20 AM

NOVA

Sunnova Energy International Inc (NYSE:NOVA) stock was last seen down 0.7% at $13.74, despite Jefferies' bullish stance on the solar sector. The shares last week settled above the 100-day moving average for the first time since August, after hitting their highest trading level since September. NOVA is up 34.7% this quarter, but still carries a 22.3% year-to-date deficit.

The majority of analysts is already bullish toward Sunnova stock. In fact, 19 firms call the equity a "buy" or better, while six say "hold."

Over at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio of 2.82 sits higher than 66% of readings from the past year. In other words, calls have been getting picked up at a quicker-than-usual clip.

Follow @Schaeffers

You Don’t Need 25 Alerts -- You Need ONE You Can Trust!

That’s the idea behind Trade of the Week, Schaeffer’s newest trade alert.

Every Monday morning before the opening bell, you’ll receive a single, expertly researched trade recommendation -- built from the same proprietary research we’ve been using for over four decades.

It’s not just a signal.

It’s a plan designed for traders who are tired of jumping from alert to alert without ever finding their edge.

No juggling alerts. No switching directions mid-week. Just one clear, expertly researched trade idea -- delivered before the market even opens.

👉 JOIN RIGHT NOW FOR JUST $1 TO GET THE NEXT TRADE!