NOVA - Why Sunnova Energy Stock Just Jumped 19%
2024-05-02 12:24:14 ET
Sunnova Energy International (NYSE: NOVA) stock looks blazing hot this morning, up 18.8% through 11:05 a.m. ET after the company reported what appears to be a (sort of) an earnings beat last night.
Analysts had forecast the solar power stock would lose $0.73 per share on sales of $194.9 million in the first quarter of 2024. Instead, the company reported losses of only $0.57 on sales of $160.9 million.
So it's an earnings beat... in the sense that Sunnova lost less money than Wall Street thought it would lose. Still, it's hard to call losing $0.57 per share (when you shares are only worth about $4 and change) "good" news, exactly. And of course, the fact that sales came in 18% below projections seems rather bad.
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Why Sunnova Energy Stock Just Jumped 19%