NeoVolta, Inc. (NASDAQ:NEOV) Receives Average Recommendation of “Hold” from Analysts

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have been given a consensus recommendation of “Hold” by the five analysts that are covering the stock, MarketBeat reports. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $9.50.

Several equities analysts recently issued reports on the stock. Needham & Company LLC restated a “buy” rating and issued a $8.00 target price on shares of NeoVolta in a report on Thursday. Weiss Ratings reissued a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Zacks Research raised shares of NeoVolta to a “hold” rating in a research report on Tuesday, April 21st. Finally, Lake Street Capital initiated coverage on shares of NeoVolta in a research note on Friday, June 26th. They issued a “buy” rating and a $11.00 price objective for the company.

NeoVolta Stock Performance

NASDAQ:NEOV opened at $2.49 on Friday. NeoVolta has a fifty-two week low of $1.36 and a fifty-two week high of $7.13. The company has a 50 day simple moving average of $2.40 and a two-hundred day simple moving average of $3.22. The company has a market capitalization of $106.35 million, a PE ratio of -7.55 and a beta of -1.09.

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

Insider Transactions at NeoVolta

In related news, EVP Steve Bond purchased 47,000 shares of NeoVolta stock in a transaction on Tuesday, May 19th. The stock was acquired at an average cost of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the acquisition, 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 position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. 4.00% of the stock is currently owned by corporate insiders.

Institutional Trading of NeoVolta

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in NeoVolta by 11.5% during the 3rd quarter. Vanguard Group Inc. now owns 458,988 shares of the company’s stock valued at $2,047,000 after purchasing an additional 47,521 shares in the last quarter. Bank of America Corp DE lifted its position in shares of NeoVolta by 4,929.4% during the third quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock valued at $66,000 after purchasing an additional 14,443 shares in the last quarter. Millennium Management LLC purchased a new position in NeoVolta during the third quarter worth about $53,000. Qube Research & Technologies Ltd bought a new stake in NeoVolta in the 3rd quarter worth about $48,000. Finally, Sovran Advisors LLC grew its position in NeoVolta by 97.1% in the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock worth $1,391,000 after purchasing an additional 225,516 shares in the last quarter. 5.11% of the stock is owned by institutional investors.

NeoVolta Company Profile

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.