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

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have been assigned a consensus rating of “Hold” from the five brokerages that are covering the stock, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, two have issued a hold recommendation and two have given a buy recommendation to the company. The average 1-year price objective among analysts that have updated their coverage on the stock in the last year is $9.50.

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

NeoVolta Trading Down 4.0%

NASDAQ NEOV opened at $2.15 on Tuesday. NeoVolta has a 1-year low of $1.36 and a 1-year high of $7.13. The stock has a 50-day moving average of $2.27 and a 200-day moving average of $3.12. The firm has a market cap of $91.83 million, a PE ratio of -6.51 and a beta of -1.09.

NeoVolta (NASDAQ:NEOV) last issued 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. NeoVolta had a negative return on equity of 141.89% and a negative net margin of 63.35%.The company had revenue of $2.02 million during the quarter, compared to analysts’ expectations of $3.41 million. As a group, equities research analysts forecast that NeoVolta will post -0.37 earnings per share for the current fiscal year.

Insider Transactions at NeoVolta

In other news, EVP Steve Bond acquired 47,000 shares of the firm’s stock in a transaction on Tuesday, May 19th. The shares were purchased at an average price of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the transaction, the executive vice president owned 797,000 shares of the company’s stock, valued at $1,665,730. The trade was a 6.27% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 4.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Qube Research & Technologies Ltd bought a new stake in shares of NeoVolta during the 3rd quarter valued at about $48,000. Virtu Financial LLC bought a new stake in NeoVolta during the 4th quarter valued at approximately $49,000. Millennium Management LLC purchased a new position in shares of NeoVolta during the 3rd quarter worth approximately $53,000. Bank of America Corp DE grew its holdings in shares of NeoVolta by 4,929.4% during the 3rd quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock worth $66,000 after acquiring an additional 14,443 shares during the period. Finally, Truist Financial Corp bought a new position in shares of NeoVolta in the 4th quarter worth approximately $129,000. Hedge funds and other institutional investors 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.