NeoVolta, Inc. $NEOV Stake Lowered by Sovran Advisors LLC

Sovran Advisors LLC trimmed its position in shares of NeoVolta, Inc. (NASDAQ:NEOV) by 94.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 24,509 shares of the company’s stock after selling 433,178 shares during the period. Sovran Advisors LLC owned about 0.06% of NeoVolta worth $75,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its stake 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 in the last quarter. State Street Corp grew its stake in shares of NeoVolta by 8.5% in the 4th quarter. State Street Corp now owns 135,964 shares of the company’s stock valued at $413,000 after buying an additional 10,700 shares in the last quarter. Qube Research & Technologies Ltd bought a new stake in shares of NeoVolta in the 3rd quarter valued at approximately $48,000. Millennium Management LLC acquired a new position in NeoVolta in the third quarter worth approximately $53,000. Finally, Bank of America Corp DE increased its holdings in NeoVolta by 4,929.4% in the third quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock worth $66,000 after buying an additional 14,443 shares during the last quarter. Institutional investors and hedge funds own 5.11% of the company’s stock.

NeoVolta Stock Up 1.8%

NASDAQ NEOV opened at $2.28 on Thursday. NeoVolta, Inc. has a twelve month low of $1.36 and a twelve month high of $7.13. The stock has a market cap of $97.38 million, a P/E ratio of -6.91 and a beta of -1.09. The company’s 50-day simple moving average is $2.34 and its 200 day simple moving average is $3.16.

NeoVolta (NASDAQ:NEOV) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $2.02 million during the quarter, compared to analysts’ expectations of $3.41 million. Research analysts anticipate that NeoVolta, Inc. will post -0.37 earnings per share for the current year.

Insider Activity

In related news, EVP Steve Bond bought 47,000 shares of the business’s stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.00% of the company’s stock.

Wall Street Analysts Forecast Growth

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

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.