NeoVolta (NASDAQ:NEOV) Now Covered by Analysts at Northland Securities

Equities researchers at Northland Securities began coverage on shares of NeoVolta (NASDAQ:NEOV) in a research report issued on Wednesday, Marketbeat.com reports. The brokerage set an “outperform” rating on the stock.

Other equities research analysts have also issued reports about the company. Weiss Ratings reissued a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Lake Street Capital started coverage on NeoVolta in a research note on Friday, June 26th. They issued a “buy” rating and a $11.00 price objective for the company. Needham & Company LLC reissued a “buy” rating and set a $8.00 target price on shares of NeoVolta in a research note on Thursday, July 2nd. Finally, Zacks Research upgraded NeoVolta to a “hold” rating in a report on Tuesday, April 21st. Three analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $9.50.

NeoVolta Trading Down 7.8%

NeoVolta stock opened at $2.01 on Wednesday. The company’s 50-day moving average price is $2.28 and its two-hundred day moving average price is $3.10. The stock has a market cap of $85.85 million, a price-to-earnings ratio of -6.09 and a beta of -1.09. NeoVolta has a 52 week low of $1.36 and a 52 week high of $7.13.

NeoVolta (NASDAQ:NEOV) last announced its earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.07. NeoVolta had a negative return on equity of 141.89% and a negative net margin of 63.35%.The firm had revenue of $2.02 million for the quarter, compared to analysts’ expectations of $3.41 million. Research analysts expect that NeoVolta will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at NeoVolta

In related news, EVP Steve Bond bought 47,000 shares of the company’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average cost of $2.09 per share, with a total value of $98,230.00. Following the acquisition, the executive vice president owned 797,000 shares in the company, valued at approximately $1,665,730. This represents a 6.27% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 4.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On NeoVolta

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in NeoVolta by 11.5% in the 3rd quarter. Vanguard Group Inc. now owns 458,988 shares of the company’s stock valued at $2,047,000 after buying an additional 47,521 shares during the last quarter. Bank of America Corp DE boosted its holdings in NeoVolta by 4,929.4% in the third quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock valued at $66,000 after acquiring an additional 14,443 shares during the last quarter. Millennium Management LLC bought a new position in NeoVolta in the third quarter valued at about $53,000. Qube Research & Technologies Ltd acquired a new stake in NeoVolta in the third quarter worth about $48,000. Finally, Sovran Advisors LLC raised its holdings in NeoVolta by 97.1% during the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock worth $1,391,000 after purchasing an additional 225,516 shares during the last quarter. Institutional investors 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.