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

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

A number of equities analysts recently commented on NEOV shares. Needham & Company LLC reissued a “buy” rating and issued a $8.00 price objective on shares of NeoVolta in a research note on Thursday, July 2nd. Zacks Research upgraded NeoVolta to a “hold” rating in a report on Tuesday, April 21st. Weiss Ratings restated a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Lake Street Capital assumed coverage on NeoVolta in a research note on Friday, June 26th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Northland Securities assumed coverage on shares of NeoVolta in a research report on Wednesday, July 29th. They set an “outperform” rating for the company.

NeoVolta Price Performance

NASDAQ:NEOV opened at $3.63 on Friday. NeoVolta has a 1-year low of $1.36 and a 1-year high of $7.13. The company has a 50-day moving average of $2.39 and a 200 day moving average of $2.96. The firm has a market cap of $155.04 million, a PE ratio of -11.00 and a beta of -1.02.

NeoVolta (NASDAQ:NEOV) last posted its earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.07. NeoVolta had a negative net margin of 63.35% and a negative return on equity of 141.89%. The business had revenue of $2.02 million for the quarter, compared to the consensus estimate of $3.41 million. Sell-side analysts anticipate that NeoVolta will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, EVP Steve Bond bought 47,000 shares of the stock in a transaction on Tuesday, May 19th. The stock was bought at an average cost of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the purchase, the executive vice president directly owned 797,000 shares in the company, valued at approximately $1,665,730. The trade was a 6.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 4.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On NeoVolta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in NEOV. Qube Research & Technologies Ltd acquired a new position in shares of NeoVolta during the third quarter valued at about $48,000. Millennium Management LLC purchased a new stake in NeoVolta during the 3rd quarter worth approximately $53,000. Bank of America Corp DE increased its stake in NeoVolta by 4,929.4% during the 3rd quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock valued at $66,000 after purchasing an additional 14,443 shares in the last quarter. Virtu Financial LLC purchased a new position in shares of NeoVolta in the fourth quarter worth $49,000. Finally, Truist Financial Corp purchased a new position in shares of NeoVolta in the fourth quarter worth $129,000. 5.11% of the stock is currently owned by hedge funds and other institutional investors.

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.