What Is Short Selling In Stock Market? 15 Stocks Hedge Funds are Shorting

4. Sunnova Energy International Inc. (NYSE:NOVA)

% of Institutional Ownership: 96.88%

Float Shorted: 34.13%

Sunnova Energy International Inc. (NYSE:NOVA) offers energy as a service in the United States and has a float short of 34.13% as of June 20. Along with electricity, the company also provides monitoring, repairs, replacements, equipment upgrades, on-site power optimization, diagnostic services for solar energy systems, and energy storage systems.

Sunnova Energy International Inc. announced reasonable first-quarter 2024 results, with major gains in customer growth, gaining 27,000 new subscribers, and achieving a total of 438,500 by March 31. However, Sunnova’s revenue dropped slightly to $160.9 million from $161.7 million in the same quarter last year, mostly due to decreased sales of inventory and service fees. Sunno’s shares fell as a result of a net loss in terms of revenue that was $234 million in the fourth quarter, compared to $62 million the previous year. Residential solar companies have struggled in the face of high borrowing rates, making installations more expensive for homeowners.

At the end of Q1 2024, 20 hedge funds tracked by Insider Monkey reported having stakes in NOVA, down from 29 in the previous quarter. D. E. Shaw was the company’s largest shareholder in Q1, holding 90.45 million shares valued at $47.09 million.