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Here’s What Makes Sunnova (NOVA) an Attractive Investment

ClearBridge Investments, an investment management firm, published its “Small Cap Strategy” third-quarter 2022 investor letter – a copy of which can be downloaded here. The ClearBridge Small Cap Strategy underperformed its Russell 2000 Index benchmark during the third quarter. On an absolute basis, the Strategy had losses in nine out of 11 sectors in which it was invested during the quarter. The leading detractors were the IT and communication services sectors, positive contributors included the consumer staples sector and the utility sector was flat for the period. Try to spare some time to check the fund’s top 5 holdings for you to have an idea about their best stock picks this 2022.

In its Q3 2022 investor letter, ClearBridge Investments Small Cap Strategy mentioned Sunnova Energy International Inc. (NYSE:NOVA) and explained its insights for the company. Founded in 2012, Sunnova Energy International Inc. (NYSE:NOVA) is a Houston, Texas-based national residential solar company with a $2.5 billion market capitalization. Sunnova Energy International Inc. (NYSE:NOVA) delivered a -19.48% return since the beginning of the year, while its 12-month returns are down by -42.18%. The stock closed at $22.48 per share on November 22, 2022.

Here is what ClearBridge Investments Small Cap Strategy has to say about Sunnova Energy International Inc. (NYSE:NOVA) in its Q3 2022 investor letter:

"Within the utilities sector, solar power and energy storage company Sunnova (NYSE:NOVA) saw its share price benefit from passage of the Inflation Reduction Act legislation, which includes an array of new and extended tax credits that should not only support but enhance the company’s long-term growth prospects."

Photo by Science in HD on Unsplash

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Our calculations show that Sunnova Energy International Inc. (NYSE:NOVA) fell short and didn’t make it on our list of the 30 Most Popular Stocks Among Hedge Funds. Sunnova Energy International Inc. (NYSE:NOVA) was in 25 hedge fund portfolios at the end of the second quarter of 2022, compared to 25 funds in the previous quarter. Sunnova Energy International Inc. (NYSE:NOVA) delivered a -8.91% return in the past 3 months.

In April 2022, we also shared another hedge fund’s views on Sunnova Energy International Inc. (NYSE:NOVA) in another article. You can find other investor letters from hedge funds and prominent investors on our hedge fund investor letters 2022 Q3 page.

 

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Disclosure: None. This article is originally published at Insider Monkey.