NeoVolta, Inc. (NASDAQ:NEOV) Receives Consensus Rating of “Hold” from Brokerages

NeoVolta, Inc. (NASDAQ:NEOV) has received a consensus rating of “Hold” from the six ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell recommendation, two have given a hold recommendation and three have given a buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $9.50.

Several analysts have recently commented on NEOV shares. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price objective on shares of NeoVolta in a report on Thursday, July 2nd. Lake Street Capital began coverage on shares of NeoVolta in a research report on Friday, June 26th. They set a “buy” rating and a $11.00 target price for the company. Zacks Research raised shares of NeoVolta to a “hold” rating in a report on Tuesday, April 21st. Northland Securities began coverage on NeoVolta in a research report on Wednesday, July 29th. They set an “outperform” rating on the stock. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th.

Insider Buying and Selling

In related news, EVP Steve Bond bought 47,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 19th. The shares were purchased at an average cost of $2.09 per share, with a total value of $98,230.00. Following the completion of the acquisition, the executive vice president directly owned 797,000 shares in the company, valued at approximately $1,665,730. The trade was a 6.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NeoVolta

Hedge funds and other institutional investors have recently made changes to their positions in the company. AWM Investment Company Inc. acquired a new position in shares of NeoVolta in the 2nd quarter valued at $5,184,000. BlackRock Inc. acquired a new stake in NeoVolta during the second quarter valued at $1,633,000. BIP Wealth LLC purchased a new position in NeoVolta in the second quarter valued at $675,000. Bank of America Corp DE increased its holdings in NeoVolta by 131,579.3% in the first quarter. Bank of America Corp DE now owns 38,187 shares of the company’s stock valued at $118,000 after buying an additional 38,158 shares in the last quarter. Finally, Virtu Financial LLC acquired a new position in shares of NeoVolta in the fourth quarter worth about $49,000. Institutional investors and hedge funds own 5.11% of the company’s stock.

NeoVolta Stock Up 5.5%

NeoVolta stock opened at $3.63 on Friday. The stock has a 50-day moving average price of $2.39 and a 200 day moving average price of $2.96. The company has a market capitalization of $155.04 million, a price-to-earnings ratio of -11.00 and a beta of -1.02. NeoVolta has a 52 week low of $1.36 and a 52 week high of $7.13.

NeoVolta (NASDAQ:NEOV) last posted its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping 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 during the quarter, compared to analyst estimates of $3.41 million. Research analysts anticipate that NeoVolta will post -0.38 EPS for the current fiscal year.

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.