Why Sunnova Energy Stock Leaped 23% Higher Today
News of an insider stock buy, combined with improving sentiment on clean energy stocks, helped drive Sunnova Energy's (NYSE: NOVA) 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 500 index's flat performance.
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.
Source Fool.com
