NeoVolta (NASDAQ:NEOV) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

NeoVolta (NASDAQ:NEOV) posted its quarterly earnings data on Thursday. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.15) by $0.07, Zacks reports. NeoVolta had a negative net margin of 54.71% and a negative return on equity of 284.92%.

NeoVolta Price Performance

NASDAQ NEOV traded down $0.17 on Thursday, reaching $2.82. The company’s stock had a trading volume of 727,643 shares, compared to its average volume of 734,753. The firm has a market cap of $120.44 million, a PE ratio of -9.72 and a beta of -0.81. The business has a 50-day moving average price of $3.23 and a 200 day moving average price of $3.71. NeoVolta has a 52 week low of $2.38 and a 52 week high of $7.13. The company has a current ratio of 2.10, a quick ratio of 1.60 and a debt-to-equity ratio of 0.13.

Analysts Set New Price Targets

NEOV has been the topic of several research reports. Wall Street Zen downgraded shares of NeoVolta from a “hold” rating to a “strong sell” rating in a report on Saturday, February 21st. Zacks Research upgraded shares of NeoVolta to a “hold” rating in a report on Tuesday, April 21st. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of NeoVolta in a report on Thursday, January 22nd. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce”.

Institutional Trading of NeoVolta

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. 683 Capital Management LLC bought a new stake in NeoVolta in the fourth quarter valued at about $589,000. Geode Capital Management LLC increased its stake in NeoVolta by 2.9% in the fourth quarter. Geode Capital Management LLC now owns 329,747 shares of the company’s stock valued at $1,003,000 after acquiring an additional 9,385 shares during the period. Vanguard Group Inc. increased its stake in NeoVolta by 11.5% in the third quarter. Vanguard Group Inc. now owns 458,988 shares of the company’s stock valued at $2,047,000 after acquiring an additional 47,521 shares during the period. OMERS ADMINISTRATION Corp bought a new stake in NeoVolta in the fourth quarter valued at about $230,000. Finally, State Street Corp increased its stake in NeoVolta by 8.5% in the fourth quarter. State Street Corp now owns 135,964 shares of the company’s stock valued at $413,000 after acquiring an additional 10,700 shares during the period. Institutional investors own 5.11% of the company’s stock.

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.