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

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have been given a consensus recommendation of “Hold” by the five analysts that are presently covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have assigned a buy recommendation to 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.

NEOV has been the topic of a number of research analyst reports. Lake Street Capital assumed coverage on shares of NeoVolta in a report on Friday. They set a “buy” rating and a $11.00 price objective on the stock. Zacks Research raised shares of NeoVolta to a “hold” rating in a report on Tuesday, April 21st. Finally, Needham & Company LLC initiated coverage on NeoVolta in a research note on Wednesday, June 17th. They set a “buy” rating and a $8.00 price target on the stock.

NeoVolta Stock Performance

NASDAQ:NEOV traded up $0.30 during trading hours on Friday, hitting $2.21. The company’s stock had a trading volume of 853,402 shares, compared to its average volume of 1,411,927. NeoVolta has a 52-week low of $1.36 and a 52-week high of $7.13. The business’s 50-day moving average is $2.44 and its two-hundred day moving average is $3.26. The company has a market capitalization of $94.18 million, a PE ratio of -6.67 and a beta of -0.92.

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

Insider Activity

In other news, EVP Steve Bond purchased 47,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $2.09 per share, with a total value of $98,230.00. Following the purchase, the executive vice president directly owned 797,000 shares of the company’s stock, valued at $1,665,730. This represents a 6.27% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 4.00% of the stock is owned by company insiders.

Hedge Funds Weigh In On NeoVolta

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legacy Wealth Managment LLC ID lifted its holdings in shares of NeoVolta by 3.1% in the fourth 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 in the last quarter. Vanguard Group Inc. grew its position in shares of NeoVolta by 11.5% in the third 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 increased its stake in shares of NeoVolta by 97.1% during the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock worth $1,391,000 after purchasing an additional 225,516 shares in the last quarter. Geode Capital Management LLC raised its position in shares of NeoVolta by 2.9% during the 4th quarter. Geode Capital Management LLC now owns 329,747 shares of the company’s stock worth $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 during the 4th quarter worth approximately $589,000. Institutional investors and hedge funds own 5.11% of the company’s stock.

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.