NeoVolta (NASDAQ:NEOV) Announces Earnings Results

NeoVolta (NASDAQ:NEOV) announced its quarterly earnings results on Thursday. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.15) by $0.07, Zacks reports. The business had revenue of $2.02 million for the quarter, compared to analysts’ expectations of $3.41 million. NeoVolta had a negative return on equity of 341.39% and a negative net margin of 63.35%.

NeoVolta Price Performance

Shares of NEOV stock opened at $2.56 on Friday. The firm has a market cap of $109.34 million, a P/E ratio of -7.76 and a beta of -0.81. NeoVolta has a fifty-two week low of $2.38 and a fifty-two week high of $7.13. The business’s 50 day moving average price is $3.21 and its 200-day moving average price is $3.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 1.60 and a current ratio of 2.10.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NEOV. 683 Capital Management LLC purchased a new position in shares of NeoVolta in the 4th quarter valued at approximately $589,000. OMERS ADMINISTRATION Corp purchased a new position in shares of NeoVolta in the 4th quarter valued at approximately $230,000. Vanguard Group Inc. lifted 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 period. Virtu Financial LLC purchased a new position in shares of NeoVolta in the 4th quarter valued at approximately $49,000. Finally, Bank of America Corp DE lifted its stake in shares of NeoVolta by 4,929.4% in the 3rd quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock valued at $66,000 after purchasing an additional 14,443 shares during the period. Hedge funds and other institutional investors own 5.11% of the company’s stock.

Analyst Ratings Changes

NEOV has been the topic of a number of recent analyst reports. Wall Street Zen lowered NeoVolta from a “hold” rating to a “strong sell” rating in a research report on Saturday, February 21st. Weiss Ratings reiterated a “sell (e+)” rating on shares of NeoVolta in a research report on Thursday, January 22nd. Finally, Zacks Research upgraded NeoVolta to a “hold” rating in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, NeoVolta has a consensus rating of “Reduce”.

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.