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

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

Several research firms recently commented on NEOV. Lake Street Capital initiated coverage on NeoVolta in a research note on Friday. They set a “buy” rating and a $11.00 target price for the company. Needham & Company LLC started coverage on shares of NeoVolta in a research report on Wednesday, June 17th. They set a “buy” rating and a $8.00 price objective for the company. Finally, Zacks Research upgraded shares of NeoVolta to a “hold” rating in a report on Tuesday, April 21st.

NeoVolta Stock Performance

Shares of NEOV traded up $0.30 during midday trading on Friday, hitting $2.21. 853,402 shares of the stock were exchanged, compared to its average volume of 1,411,927. The stock has a fifty day simple moving average of $2.44 and a 200 day simple moving average of $3.26. NeoVolta has a 52-week low of $1.36 and a 52-week high of $7.13. The firm has a market cap of $94.18 million, a P/E ratio of -6.67 and a beta of -0.92.

NeoVolta (NASDAQ:NEOV) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. The business had revenue of $2.02 million for the quarter, compared to analyst estimates 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 research analysts forecast that NeoVolta will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling

In other NeoVolta news, EVP Steve Bond bought 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 completion of the transaction, the executive vice president owned 797,000 shares in the company, valued at approximately $1,665,730. The trade was a 6.27% increase in their position. The transaction was disclosed in a legal filing 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

Several hedge funds have recently made changes to their positions in the business. Qube Research & Technologies Ltd acquired a new stake in shares of NeoVolta during the third quarter worth $48,000. Virtu Financial LLC purchased a new position in NeoVolta during the 4th quarter worth $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 lifted its stake 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 acquiring an additional 14,443 shares during the period. Finally, Truist Financial Corp purchased a new stake in shares of NeoVolta in the fourth quarter valued at about $129,000. Institutional investors and hedge funds own 5.11% of the company’s stock.

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.