SOLV Energy (NASDAQ:MWH) Shares Gap Down – Here’s What Happened

by · The Markets Daily

SOLV Energy Inc. (NASDAQ:MWH – Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $29.97, but opened at $28.60. SOLV Energy shares last traded at $27.9250, with a volume of 573,929 shares traded.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on MWH shares. UBS Group reiterated a “neutral” rating and issued a $50.00 target price (up from $42.00) on shares of SOLV Energy in a research note on Thursday, May 14th. Zacks Research raised shares of SOLV Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 10th. Guggenheim raised their price target on shares of SOLV Energy from $37.00 to $50.00 and gave the company a “buy” rating in a 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. Finally, Canadian Imperial Bank of Commerce reaffirmed an “outperform” rating and issued a $42.00 price objective on shares of SOLV Energy in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $39.64.

View Our Latest Report on MWH

SOLV Energy Price Performance

The company has a current ratio of 1.09, a quick ratio of 1.06 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $3.52 billion and a PE ratio of 94.47. The firm has a fifty day moving average price of $30.35.

SOLV Energy (NASDAQ:MWH – Get Free Report) last issued its quarterly earnings results on Thursday, August 13th. The company reported $0.30 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.04. The business had revenue of $951.24 million during the quarter. The business’s quarterly revenue was up 77.4% on a year-over-year basis. As a group, equities analysts expect that SOLV Energy Inc. will post 1.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the business. Continuum Advisory LLC acquired a new position in SOLV Energy during the second quarter valued at $142,000. Public Employees Retirement System of Ohio acquired a new stake in SOLV Energy during the 2nd quarter worth about $375,000. Bank of New York Mellon Corp grew its position in SOLV Energy by 697.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 98,660 shares of the company’s stock worth $3,359,000 after purchasing an additional 86,290 shares during the period. Wellington Management Group LLP purchased a new position in shares of SOLV Energy during the 2nd quarter valued at about $4,852,000. Finally, Neumeier Poma Investment Counsel LLC acquired a new position in shares of SOLV Energy in the 2nd quarter valued at about $18,320,262,000.

SOLV Energy Company Profile

(Get Free Report)

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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