Why Sunnova Energy Stock Burned So Brightly Today
Market sentiment changed abruptly on previously down-and-out stock Sunnova Energy (NYSE: NOVA) on Thursday. The company delivered quarterly results that surprised greatly on the upside, and investors showed their appreciation by pushing the stock's price up by more than 17% across the day. By contrast, the S&P 500 index suffered a slump of 1.4%.
After market hours Wednesday, Sunnova said that revenue for its second quarter surged 32% higher year over year to just under $220 million. The solar company was in the red on the bottom line but managed to narrow its loss considerably. This was slightly over $33 million ($0.27 per share) for the period, against the more than $86 million deficit of Q2 2023.
On average, analysts tracking the stock were estimating Sunnova would book $220.4 million in revenue and a $0.65 per share net loss.
Source Fool.com
