NeoVolta, Inc. (NASDAQ:NEOV) Receives Average Rating of “Moderate Buy” from Brokerages

NeoVolta, Inc. (NASDAQ:NEOV) has earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating on the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $9.50.

Several analysts have recently commented on NEOV shares. Lake Street Capital initiated coverage on NeoVolta in a report on Friday, June 26th. They set a “buy” rating and a $11.00 target price on the stock. Weiss Ratings raised shares of NeoVolta from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Northland Securities started coverage on shares of NeoVolta in a research report on Wednesday, July 29th. They issued an “outperform” rating for the company. UBS Group reaffirmed a “buy” rating on shares of NeoVolta in a report on Tuesday, September 1st. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of NeoVolta in a report on Thursday, September 24th.

Institutional Trading of NeoVolta

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

NeoVolta Stock Down 6.8%

Shares of NEOV stock opened at $2.60 on Friday. NeoVolta has a 12-month low of $1.36 and a 12-month high of $7.13. The company has a market capitalization of $153.43 million, a P/E ratio of -5.00 and a beta of -0.77. The firm has a 50-day moving average price of $3.21 and a 200 day moving average price of $2.80.

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

About NeoVolta

NeoVolta, Inc is a U.S.-based energy technology company that develops, manufactures and sells battery energy storage systems for residential applications. Its systems are designed to store electricity generated by solar panels or drawn from the grid, helping homeowners maintain power during outages and manage energy consumption.

The company’s product portfolio includes the NV14, NV24 and NV48 energy storage systems, which are intended to support whole-home or partial-home backup applications.