NeoVolta’s (NEOV) “Buy” Rating Reiterated at Needham & Company LLC

NeoVolta (NASDAQ:NEOV)‘s stock had its “buy” rating restated by analysts at Needham & Company LLC in a research report issued to clients and investors on Thursday,Benzinga reports. They currently have a $8.00 price objective on the stock. Needham & Company LLC’s target price would suggest a potential upside of 222.58% from the company’s current price.

A number of other brokerages have also weighed in on NEOV. Lake Street Capital assumed coverage on NeoVolta in a research report on Friday, June 26th. They set a “buy” rating and a $11.00 price objective for the company. Zacks Research raised shares of NeoVolta to a “hold” rating in a research report on Tuesday, April 21st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of NeoVolta in a research report on Friday, June 26th. Two analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $9.50.

NeoVolta Stock Performance

Shares of NASDAQ NEOV traded down $0.30 during midday trading on Thursday, hitting $2.48. 1,848,458 shares of the company traded hands, compared to its average volume of 1,546,087. NeoVolta has a 12-month low of $1.36 and a 12-month high of $7.13. The stock has a 50-day moving average price of $2.40 and a 200 day moving average price of $3.23. The firm has a market cap of $105.92 million, a P/E ratio of -7.50 and a beta of -1.10.

NeoVolta (NASDAQ:NEOV) last released its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.07. The company had revenue of $2.02 million for the quarter, compared to analysts’ expectations of $3.41 million. NeoVolta had a negative return on equity of 141.89% and a negative net margin of 63.35%. As a group, equities analysts expect that NeoVolta will post -0.37 earnings per share for the current year.

Insider Buying and Selling at NeoVolta

In other news, EVP Steve Bond purchased 47,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the transaction, the executive vice president owned 797,000 shares of the company’s stock, valued at $1,665,730. This trade represents a 6.27% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 4.00% of the stock is currently owned by company insiders.

Institutional Trading of NeoVolta

Several large investors have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd acquired a new position in NeoVolta during the 3rd quarter worth approximately $48,000. Millennium Management LLC acquired a new stake in NeoVolta during the 3rd quarter worth $53,000. Bank of America Corp DE lifted its position in NeoVolta by 4,929.4% in the third quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock valued at $66,000 after acquiring an additional 14,443 shares during the last quarter. Virtu Financial LLC acquired a new position in NeoVolta in the fourth quarter valued at $49,000. Finally, Truist Financial Corp purchased a new position in shares of NeoVolta during the fourth quarter worth about $129,000. 5.11% of the stock is currently owned by hedge funds and other institutional investors.

About NeoVolta

NeoVolta, Inc is a clean-energy technology company that designs, manufactures and markets integrated battery storage systems for residential and light-commercial applications. Headquartered in San Jose, California, the company develops hardware and software solutions aimed at enhancing the value of rooftop solar installations, providing backup power and enabling homeowners to optimize time-of-use rate plans. NeoVolta’s modular approach to energy storage allows customers to scale capacity to match their changing needs.

The company’s flagship product family combines lithium-ion battery modules, a hybrid inverter and an energy management platform under a single enclosure.