SOLV Energy Inc. (NASDAQ:MWH – Get Free Report) shares dropped 5.8% during mid-day trading on Friday . The company traded as low as $27.25 and last traded at $27.25. Approximately 180,270 shares were traded during trading, a decline of 89% from the average daily volume of 1,569,720 shares. The stock had previously closed at $28.92.
Analysts Set New Price Targets
A number of research firms have issued reports on MWH. Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of SOLV Energy in a research note on Friday, August 14th. Guggenheim boosted their price objective on shares of SOLV Energy from $37.00 to $50.00 and gave the company a “buy” rating in a research report on Tuesday, May 26th. Weiss Ratings upgraded shares of SOLV Energy from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, August 14th. KeyCorp lifted their price target on shares of SOLV Energy from $36.00 to $50.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Finally, UBS Group reiterated a “neutral” rating and set a $50.00 price target (up from $42.00) on shares of SOLV Energy in a report on Thursday, May 14th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, SOLV Energy currently has a consensus rating of “Moderate Buy” and an average price target of $39.64.
Read Our Latest Research Report on SOLV Energy
SOLV Energy Trading Down 4.1%
SOLV Energy (NASDAQ:MWH – Get Free Report) last released its quarterly earnings results on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, beating analysts’ consensus estimates of $0.26 by $0.04. The firm had revenue of $951.24 million during the quarter. The company’s revenue was up 77.4% compared to the same quarter last year. Research analysts predict that SOLV Energy Inc. will post 1.3 earnings per share for the current fiscal year.
Institutional Trading of SOLV Energy
Several large investors have recently bought and sold shares of the stock. Neumeier Poma Investment Counsel LLC acquired a new position in shares of SOLV Energy in the 2nd quarter valued at $18,320,262,000. Wellington Management Group LLP acquired a new position in shares of SOLV Energy in the 2nd quarter valued at $4,852,000. Bank of New York Mellon Corp increased its holdings in SOLV Energy by 697.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock worth $3,359,000 after acquiring an additional 86,290 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of SOLV Energy during the second quarter valued at approximately $375,000.
SOLV Energy Company Profile
SOLV Energy (NASDAQ: MWH) is a renewable energy company that develops, constructs and operates solar and energy storage projects. The firm provides solutions aimed at reducing customers’ reliance on traditional grid power by pairing photovoltaic systems with battery storage where appropriate. SOLV’s activities are centered on delivering commercial-scale and distributed generation projects for business, institutional and public sector clients.
The company’s services encompass multiple phases of project delivery, including site assessment, system design, procurement, engineering and construction, and ongoing operations and maintenance.
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