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

NeoVolta, Inc. (NASDAQ:NEOV) has been given a consensus rating of “Hold” by the seven brokerages that are covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 1 year price target among brokerages that have issued a report on the stock in the last year is $9.50.

A number of research analysts have recently commented on NEOV shares. Needham & Company LLC reiterated a “buy” rating and set a $8.00 target price on shares of NeoVolta in a research report on Thursday, July 2nd. UBS Group reaffirmed a “buy” rating on shares of NeoVolta in a research note on Tuesday, September 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of NeoVolta in a research report on Friday, June 26th. Lake Street Capital initiated coverage on shares of NeoVolta in a research note on Friday, June 26th. They issued a “buy” rating and a $11.00 price objective for the company. Finally, Northland Securities assumed coverage on shares of NeoVolta in a report on Wednesday, July 29th. They issued an “outperform” rating on the stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its stake in NeoVolta by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 329,747 shares of the company’s stock worth $1,003,000 after acquiring an additional 9,385 shares during the last quarter. State Street Corp increased its position in shares of NeoVolta by 8.5% during the 4th quarter. State Street Corp now owns 135,964 shares of the company’s stock valued at $413,000 after purchasing an additional 10,700 shares during the last quarter. Qube Research & Technologies Ltd purchased a new stake in NeoVolta during the 3rd quarter valued at $48,000. Millennium Management LLC bought a new stake in NeoVolta in the third quarter worth $53,000. Finally, Bank of America Corp DE lifted its position 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 worth $66,000 after buying an additional 14,443 shares during the last quarter. Hedge funds and other institutional investors own 5.11% of the company’s stock.

NeoVolta Price Performance

NASDAQ NEOV opened at $3.92 on Wednesday. NeoVolta has a 1-year low of $1.36 and a 1-year high of $7.13. The business has a 50 day simple moving average of $2.88 and a two-hundred day simple moving average of $2.88. The stock has a market capitalization of $221.91 million, a PE ratio of -11.88 and a beta of -0.87.

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.