Sunnova Energy International Inc . (NYSE:NOVA) has reported a recent transaction involving its executive vice president, Meghan Nutting, who sold a portion of her company stock. The transaction, which took place on March 25, 2024, involved the sale of 2,917 shares at a weighted average price ranging from $5.79 to $5.80, totaling approximately $16,918.
The sale was part of an automated plan to cover tax withholding obligations related to the vesting of restricted stock units (RSUs) that occurred on March 22, 2024. These RSUs were granted under Sunnova's 2019 Long-Term Incentive Plan and vested in increments, with a portion becoming available on the second anniversary of the grant date and the remainder on the third anniversary.
In addition to the sale, Meghan Nutting also acquired shares through the vesting of RSUs. On March 22, 2024, she received 2,389 shares with a transaction value of $0, as the RSUs represent a contingent right to receive shares at no cost upon vesting. Another set of 4,075 RSUs vested on the same day, also with a transaction value of $0.
Following these transactions, Nutting's direct ownership in Sunnova Energy International Inc. stands at 55,851 shares of common stock.
The executive's role is specified as the Executive Vice President, Government and Regulatory Affairs, indicating her involvement in high-level decision-making within the company.
Investors often monitor insider transactions as they can provide insights into the executive's view of the company's current valuation and future prospects. The sale and acquisition of shares by Sunnova Energy's executive vice president reflect regular activities associated with compensation plans and tax obligations.
For further details on the transactions or to request additional information regarding the sales prices, interested parties may contact Sunnova Energy International Inc. directly.
InvestingPro Insights
The recent insider transactions at Sunnova Energy International Inc. (NYSE:NOVA) coincide with a period of notable volatility in the company's stock price. Meghan Nutting's sale of shares at prices around $5.79 to $5.80 is just above the previous close of $5.39, as the stock has experienced significant fluctuations. Over the last week, Sunnova's stock has seen a substantial return of 22.78%, despite a longer-term downtrend with a price total return of -59.07% over the past year. This short-term gain contrasts with the sharp declines over the last three and six months, where the stock has seen total returns of -65.89% and -49.1%, respectively.
InvestingPro data reveals that Sunnova is trading at a low Price / Book multiple of 0.47, suggesting that the market may be undervaluing the company's net asset value. However, the company's financial health is a concern, with a significant debt burden and a P/E ratio of -1.9 for the last twelve months as of Q4 2023. This negative P/E ratio indicates that Sunnova has not been profitable over this period.
One of the InvestingPro Tips highlights that Sunnova operates with a significant debt burden and may have trouble making interest payments on its debt, which is critical information for investors considering the company's financial stability. Additionally, while analysts anticipate sales growth in the current year, they do not expect the company to be profitable this year. These insights are particularly relevant for investors looking at the long-term prospects of Sunnova.
For investors seeking more comprehensive analysis and additional InvestingPro Tips, there are currently 19 more tips available for Sunnova on InvestingPro. These tips can provide a deeper understanding of the company's financial health, stock performance, and market valuation. To access these valuable insights, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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