Sovran Advisors LLC Sells 433,178 Shares of NeoVolta, Inc. $NEOV

Sovran Advisors LLC lowered its position in shares of NeoVolta, Inc. (NASDAQ:NEOV) by 94.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,509 shares of the company’s stock after selling 433,178 shares during the quarter. Sovran Advisors LLC’s holdings in NeoVolta were worth $75,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the company. Legacy Wealth Managment LLC ID lifted its holdings in NeoVolta by 3.1% during the 4th quarter. Legacy Wealth Managment LLC ID now owns 5,669,083 shares of the company’s stock valued at $17,234,000 after purchasing an additional 169,822 shares during the last quarter. Vanguard Group Inc. grew its stake in NeoVolta by 11.5% during the third 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 last quarter. Geode Capital Management LLC increased its holdings in shares of NeoVolta by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 329,747 shares of the company’s stock worth $1,003,000 after buying an additional 9,385 shares in the last quarter. 683 Capital Management LLC acquired a new stake in shares of NeoVolta during the fourth quarter worth approximately $589,000. Finally, State Street Corp raised its stake in shares of NeoVolta by 8.5% in the fourth quarter. State Street Corp now owns 135,964 shares of the company’s stock valued at $413,000 after acquiring an additional 10,700 shares during the last quarter. 5.11% of the stock is owned by institutional investors.

NeoVolta Stock Performance

NASDAQ NEOV opened at $2.28 on Thursday. The stock has a market capitalization of $97.38 million, a P/E ratio of -6.91 and a beta of -1.09. NeoVolta, Inc. has a 52 week low of $1.36 and a 52 week high of $7.13. The stock has a fifty day moving average of $2.34 and a 200-day moving average of $3.16.

NeoVolta (NASDAQ:NEOV) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.15) by $0.07. The business had revenue of $2.02 million for the quarter, compared to analyst estimates of $3.41 million. NeoVolta had a negative return on equity of 141.89% and a negative net margin of 63.35%. Equities research analysts forecast that NeoVolta, Inc. will post -0.37 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NEOV. Weiss Ratings reissued a “sell (e+)” rating on shares of NeoVolta in a report on Friday, June 26th. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price objective on shares of NeoVolta in a research report on Thursday, July 2nd. Zacks Research raised NeoVolta to a “hold” rating in a research note on Tuesday, April 21st. Finally, Lake Street Capital started coverage on NeoVolta in a report on Friday, June 26th. They set a “buy” rating and a $11.00 target price on the stock. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $9.50.

Insiders Place Their Bets

In other NeoVolta news, EVP Steve Bond bought 47,000 shares of the business’s stock in a transaction on Tuesday, May 19th. The shares were bought at an average cost of $2.09 per share, for a total transaction of $98,230.00. Following the transaction, the executive vice president owned 797,000 shares in the company, valued at approximately $1,665,730. This trade represents a 6.27% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 4.00% of the company’s stock.

NeoVolta 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.