NeoVolta (NASDAQ:NEOV) Stock Breaks Above 50 Day Moving Average – Here’s What Happened

NeoVolta, Inc. (NASDAQ:NEOV)’s stock price passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $2.81 and traded as high as $2.98. NeoVolta shares last traded at $2.86, with a volume of 1,794,975 shares trading hands.

Wall Street Analyst Weigh In

NEOV has been the topic of a number of analyst reports. UBS Group reissued a “buy” rating on shares of NeoVolta in a research note on Tuesday, September 1st. Weiss Ratings raised shares of NeoVolta from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, October 6th. Northland Securities assumed coverage on shares of NeoVolta in a research note on Wednesday, July 29th. They set an “outperform” rating for the company. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 target price on shares of NeoVolta in a report on Thursday, September 24th. Four investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $9.50.

NeoVolta Stock Performance

The firm’s 50 day simple moving average is $2.81 and its 200-day simple moving average is $2.97. The company has a market capitalization of $169.03 million, a price-to-earnings ratio of -5.50 and a beta of -0.71.

NeoVolta (NASDAQ:NEOV) last issued its earnings results on Wednesday, September 23rd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.15). NeoVolta had a negative return on equity of 124.51% and a negative net margin of 161.10%. The business had revenue of $0.01 million during the quarter, compared to analyst estimates of $1.27 million. As a group, equities analysts anticipate that NeoVolta, Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Transactions at NeoVolta

In other NeoVolta news, Director John Hass acquired 25,000 shares of NeoVolta stock in a transaction that occurred on Wednesday, September 30th. The stock was purchased at an average cost of $2.61 per share, with a total value of $65,250.00. Following the purchase, the director owned 126,190 shares in the company, valued at approximately $329,355.90. The trade was a 24.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 4.00% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Alyeska Investment Group L.P. purchased a new stake in NeoVolta in the 2nd quarter worth approximately $4,882,000. BlackRock Inc. purchased a new position in shares of NeoVolta during the 2nd quarter valued at $1,633,000. AWM Investment Company Inc. purchased a new position in shares of NeoVolta during the 2nd quarter valued at $5,184,000. BIP Wealth LLC purchased a new position in shares of NeoVolta during the 2nd quarter valued at $675,000. Finally, Bank of America Corp DE increased its stake in shares of NeoVolta by 131,579.3% in the first quarter. Bank of America Corp DE now owns 38,187 shares of the company’s stock worth $118,000 after acquiring an additional 38,158 shares during the last quarter. Institutional investors and hedge funds own 5.11% of the company’s stock.

NeoVolta Company Profile

NeoVolta, Inc is a clean-energy technology company that develops and supplies battery-based energy storage systems. Its products are designed to store electricity generated by solar panels or drawn from the electric grid, helping residential customers use more of their own solar power, manage electricity consumption and maintain backup power during outages.

The company’s product portfolio includes modular residential energy storage systems, battery units and related power-management equipment.