NeoVolta (NASDAQ:NEOV) Issues Earnings Results, Misses Expectations By $0.15 EPS

NeoVolta (NASDAQ:NEOV) issued its quarterly earnings results on Wednesday. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.15), Zacks reports. NeoVolta had a negative net margin of 63.35% and a negative return on equity of 141.89%. The business had revenue of $0.01 million during the quarter, compared to analysts’ expectations of $1.27 million.

NeoVolta Price Performance

Shares of NEOV stock traded down $0.19 during trading on Wednesday, hitting $3.17. 1,732,254 shares of the stock traded hands, compared to its average volume of 1,538,374. The firm’s fifty day moving average price is $3.09 and its 200-day moving average price is $2.89. The firm has a market capitalization of $179.45 million, a P/E ratio of -9.61 and a beta of -0.87. NeoVolta has a 52-week low of $1.36 and a 52-week high of $7.13.

Analyst Ratings Changes

A number of research firms have recently weighed in on NEOV. Northland Securities started coverage on NeoVolta in a report on Wednesday, July 29th. They set an “outperform” rating on the stock. UBS Group reissued a “buy” rating on shares of NeoVolta in a report on Tuesday, September 1st. Weiss Ratings reiterated a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of NeoVolta in a report on Tuesday, September 15th. Finally, Lake Street Capital began coverage on shares of NeoVolta in a research note on Friday, June 26th. They set a “buy” rating and a $11.00 price target for the company. Four investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, NeoVolta currently has an average rating of “Hold” and a consensus price target of $9.50.

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.