NeoVolta, Inc. (NASDAQ:NEOV) Stock Rated “Moderate Buy” by Sell-Side Analysts

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have been given an average recommendation of “Moderate Buy” by the six ratings firms that are covering the company, Marketbeat.com reports. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating on the company. The average twelve-month price objective among analysts that have issued a report on the stock in the last year is $9.50.

NEOV has been the topic of a number of research reports. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of NeoVolta in a research note on Thursday, September 24th. UBS Group restated a “buy” rating on shares of NeoVolta in a report on Tuesday, September 1st. Weiss Ratings upgraded NeoVolta from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, October 6th. Finally, Northland Securities assumed coverage on NeoVolta in a research report on Wednesday, July 29th. They issued an “outperform” rating on the stock.

Insiders Place Their Bets

In other news, Director John Hass purchased 25,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 30th. The stock was acquired at an average cost of $2.61 per share, with a total value of $65,250.00. Following the acquisition, the director owned 126,190 shares in the company, valued at approximately $329,355.90. This trade represents a 24.71% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Alyeska Investment Group L.P. bought a new stake in shares of NeoVolta in the second quarter valued at about $4,882,000. AWM Investment Company Inc. acquired a new position in shares of NeoVolta in the second quarter valued at about $5,184,000. BlackRock Inc. acquired a new position in shares of NeoVolta in the second quarter valued at about $1,633,000. BIP Wealth LLC acquired a new position in shares of NeoVolta in the second quarter valued at about $675,000. Finally, Bank of America Corp DE increased its position in NeoVolta by 131,579.3% during the first quarter. Bank of America Corp DE now owns 38,187 shares of the company’s stock worth $118,000 after acquiring an additional 38,158 shares during the period. 5.11% of the stock is owned by institutional investors and hedge funds.

NeoVolta Stock Performance

Shares of NASDAQ:NEOV opened at $1.97 on Thursday. NeoVolta has a 52-week low of $1.36 and a 52-week high of $7.13. The company has a market capitalization of $116.25 million, a P/E ratio of -3.79 and a beta of -0.77. The company has a 50-day simple moving average of $2.91 and a 200 day simple moving average of $3.02.

NeoVolta (NASDAQ:NEOV) last posted its quarterly earnings results on Wednesday, September 23rd. The company reported ($0.24) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.15). The business had revenue of $0.01 million during the quarter, compared to the consensus estimate of $1.27 million. NeoVolta had a negative net margin of 161.10% and a negative return on equity of 124.51%. As a group, equities analysts forecast that NeoVolta will post -0.43 earnings per share for the current year.

About NeoVolta

NeoVolta, Inc is a clean-energy technology company that develops and supplies battery-based energy storage systems. Its products are designed to store electricity generated by solar panels or drawn from the electric grid, helping residential customers use more of their own solar power, manage electricity consumption and maintain backup power during outages.

The company’s product portfolio includes modular residential energy storage systems, battery units and related power-management equipment.