Needham & Company LLC Reaffirms “Buy” Rating for NeoVolta (NASDAQ:NEOV)

NeoVolta (NASDAQ:NEOV)‘s stock had its “buy” rating restated by equities research analysts at Needham & Company LLC in a report released on Tuesday, Benzinga reports. They presently have a $8.00 price target on the stock. Needham & Company LLC’s price objective suggests a potential upside of 124.09% from the company’s current price.

NEOV has been the subject of a number of other research reports. Northland Securities assumed coverage on NeoVolta in a research report on Wednesday, July 29th. They set an “outperform” rating for the company. UBS Group reaffirmed a “buy” rating on shares of NeoVolta in a research report on Tuesday, September 1st. Lake Street Capital initiated coverage on NeoVolta in a research note on Friday, June 26th. They issued a “buy” rating and a $11.00 target price on the stock. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of NeoVolta in a report on Friday, June 26th. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $9.50.

NeoVolta Trading Down 3.0%

NASDAQ:NEOV opened at $3.57 on Tuesday. The stock has a 50 day moving average of $2.97 and a 200-day moving average of $2.88. The firm has a market capitalization of $202.08 million, a PE ratio of -10.82 and a beta of -0.87. NeoVolta has a 52 week low of $1.36 and a 52 week high of $7.13.

Hedge Funds Weigh In On NeoVolta

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

About NeoVolta

NeoVolta, Inc develops and supplies energy storage systems for residential solar installations. Its products are designed to store electricity generated by rooftop solar panels and provide backup power during outages or periods when solar production is limited.

The company’s product portfolio includes modular battery-based systems such as the NV14 and related energy storage solutions. These systems are intended to help homeowners increase the use of self-generated solar power, improve energy resilience and manage household electricity consumption.

NeoVolta was founded in 2018 and is headquartered in San Diego, California.