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

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have received an average rating of “Hold” from the five analysts that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $9.50.

NEOV has been the topic of a number of analyst reports. Lake Street Capital started coverage on NeoVolta in a report on Friday, June 26th. They issued a “buy” rating and a $11.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $8.00 price objective on shares of NeoVolta in a research report on Thursday, July 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Finally, Zacks Research upgraded shares of NeoVolta to a “hold” rating in a report on Tuesday, April 21st.

Insider Buying and Selling at NeoVolta

In other news, EVP Steve Bond purchased 47,000 shares of the stock in a transaction dated Tuesday, May 19th. The shares were acquired at an average cost of $2.09 per share, for a total transaction of $98,230.00. Following the acquisition, the executive vice president owned 797,000 shares of the company’s stock, valued at approximately $1,665,730. This represents a 6.27% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of NEOV. Qube Research & Technologies Ltd purchased a new position in NeoVolta in the third quarter worth $48,000. Virtu Financial LLC purchased a new stake in shares of NeoVolta during the 4th quarter valued at $49,000. Millennium Management LLC acquired a new stake in shares of NeoVolta in the 3rd quarter worth $53,000. Bank of America Corp DE boosted its position in shares of NeoVolta by 4,929.4% in the 3rd quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock worth $66,000 after purchasing an additional 14,443 shares in the last quarter. Finally, Truist Financial Corp purchased a new position in NeoVolta during the 4th quarter worth $129,000. Institutional investors own 5.11% of the company’s stock.

NeoVolta Stock Up 1.4%

Shares of NeoVolta stock opened at $2.18 on Tuesday. The stock’s fifty day moving average is $2.28 and its two-hundred day moving average is $3.11. NeoVolta has a 52 week low of $1.36 and a 52 week high of $7.13. The company has a market capitalization of $93.11 million, a PE ratio of -6.61 and a beta of -1.09.

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