NeoVolta’s (NEOV) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of NeoVolta (NASDAQ:NEOV) in a report released on Tuesday,Benzinga reports. The brokerage currently has a $8.00 price target on the stock.

Other equities research analysts have also recently issued research reports about the stock. UBS Group reiterated a “buy” rating on shares of NeoVolta in a research note on Tuesday, September 1st. Weiss Ratings restated a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Northland Securities started coverage on NeoVolta in a report on Wednesday, July 29th. They issued an “outperform” rating for the company. Finally, Lake Street Capital initiated coverage on NeoVolta in a research report on Friday, June 26th. They issued a “buy” rating and a $11.00 price objective for the company. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $9.50.

NeoVolta Trading Up 5.4%

Shares of NEOV stock opened at $3.49 on Tuesday. NeoVolta has a 1 year low of $1.36 and a 1 year high of $7.13. The firm’s fifty day simple moving average is $3.02 and its 200 day simple moving average is $2.89. The firm has a market capitalization of $197.57 million, a P/E ratio of -10.58 and a beta of -0.87.

Hedge Funds Weigh In On NeoVolta

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

NeoVolta Company Profile

NeoVolta, Inc develops and supplies energy storage systems for residential solar installations. Its products are designed to store electricity generated by rooftop solar panels and provide backup power during outages or periods when solar production is limited.

The company’s product portfolio includes modular battery-based systems such as the NV14 and related energy storage solutions. These systems are intended to help homeowners increase the use of self-generated solar power, improve energy resilience and manage household electricity consumption.

NeoVolta was founded in 2018 and is headquartered in San Diego, California.