NeoVolta, Inc. (NASDAQ:NEOV) Receives Consensus Recommendation of “Hold” from Analysts

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have been assigned an average recommendation of “Hold” from the five research firms that are presently covering the firm, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell recommendation, two have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $9.50.

A number of equities analysts have recently issued reports on NEOV shares. Weiss Ratings restated a “sell (e+)” rating on shares of NeoVolta in a research report on Friday, June 26th. Needham & Company LLC reiterated a “buy” rating and issued a $8.00 price target on shares of NeoVolta in a research report on Thursday, July 2nd. Zacks Research upgraded shares of NeoVolta to a “hold” rating in a research note on Tuesday, April 21st. Finally, Lake Street Capital assumed coverage on shares of NeoVolta in a research report on Friday, June 26th. They set a “buy” rating and a $11.00 price objective on the stock.

Insider Buying and Selling at NeoVolta

In other NeoVolta news, EVP Steve Bond bought 47,000 shares of the firm’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the purchase, the executive vice president owned 797,000 shares of the company’s stock, valued at approximately $1,665,730. This represents a 6.27% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 4.00% of the company’s stock.

Institutional Trading of NeoVolta

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Legacy Wealth Managment LLC ID raised its stake 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 acquiring an additional 169,822 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of NeoVolta by 11.5% in the 3rd quarter. Vanguard Group Inc. now owns 458,988 shares of the company’s stock valued at $2,047,000 after purchasing an additional 47,521 shares during the last quarter. Sovran Advisors LLC grew its stake in shares of NeoVolta by 97.1% in the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock valued at $1,391,000 after purchasing an additional 225,516 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of NeoVolta by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 329,747 shares of the company’s stock valued at $1,003,000 after purchasing an additional 9,385 shares during the last quarter. Finally, 683 Capital Management LLC acquired a new position in shares of NeoVolta in the fourth quarter valued at approximately $589,000. 5.11% of the stock is owned by hedge funds and other institutional investors.

NeoVolta Stock Performance

Shares of NEOV stock opened at $2.26 on Tuesday. The stock’s 50-day moving average is $2.31 and its two-hundred day moving average is $3.14. NeoVolta has a 1 year low of $1.36 and a 1 year high of $7.13. The firm has a market cap of $96.52 million, a price-to-earnings ratio of -6.85 and a beta of -1.09.

NeoVolta (NASDAQ:NEOV) last posted its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate 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 return on equity of 141.89% and a negative net margin of 63.35%. As a group, research analysts predict that NeoVolta will post -0.37 EPS for the current year.

About NeoVolta

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.