NeoVolta (NASDAQ:NEOV) Stock Rating Upgraded by Needham & Company LLC

NeoVolta (NASDAQ:NEOV) was upgraded by analysts at Needham & Company LLC to a “moderate buy” rating in a research note issued on Wednesday,Zacks.com reports.

Other equities analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of NeoVolta from a “hold” rating to a “strong sell” rating in a report on Saturday, February 21st. Zacks Research upgraded shares of NeoVolta to a “hold” rating in a report on Tuesday, April 21st. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $8.00.

NeoVolta Stock Performance

Shares of NeoVolta stock opened at $2.12 on Wednesday. The company has a market capitalization of $90.55 million, a PE ratio of -6.42 and a beta of -0.92. The company has a 50-day simple moving average of $2.53 and a two-hundred day simple moving average of $3.33. NeoVolta has a one year low of $1.36 and a one year high of $7.13.

NeoVolta (NASDAQ:NEOV) last announced its earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07. The business had revenue of $2.02 million during the quarter, compared to the consensus estimate of $3.41 million. NeoVolta had a negative net margin of 63.35% and a negative return on equity of 141.89%. On average, equities analysts predict that NeoVolta will post -0.37 earnings per share for the current fiscal year.

Insider Activity

In related news, EVP Steve Bond acquired 47,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The shares were purchased at an average price of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the acquisition, the executive vice president directly owned 797,000 shares in the company, valued at $1,665,730. The trade was a 6.27% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 4.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On NeoVolta

Several hedge funds have recently modified their holdings of NEOV. Vanguard Group Inc. increased its holdings in NeoVolta by 11.5% in the 3rd quarter. Vanguard Group Inc. now owns 458,988 shares of the company’s stock worth $2,047,000 after buying an additional 47,521 shares during the period. Bank of America Corp DE increased its holdings in NeoVolta by 4,929.4% in the 3rd 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 period. Millennium Management LLC acquired a new position in NeoVolta in the 3rd quarter worth approximately $53,000. Qube Research & Technologies Ltd acquired a new position in NeoVolta in the 3rd quarter worth approximately $48,000. Finally, Sovran Advisors LLC increased its holdings in NeoVolta by 97.1% in the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock worth $1,391,000 after buying an additional 225,516 shares during the period. 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 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.