NeoVolta (NASDAQ:NEOV) Trading Up 10.5% – Here’s What Happened

NeoVolta, Inc. (NASDAQ:NEOV) shares were up 10.5% during mid-day trading on Monday . The company traded as high as $4.00 and last traded at $3.99. Approximately 509,798 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 574,262 shares. The stock had previously closed at $3.61.

Analysts Set New Price Targets

Several analysts recently commented on NEOV shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NeoVolta in a research note on Thursday, January 22nd. Wall Street Zen lowered NeoVolta from a “hold” rating to a “strong sell” rating in a research note on Saturday, February 21st. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Reduce”.

NeoVolta Price Performance

The stock has a market capitalization of $169.89 million, a P/E ratio of -13.76 and a beta of -0.66. The company’s 50 day simple moving average is $3.96 and its two-hundred day simple moving average is $4.16. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.10 and a quick ratio of 1.60.

NeoVolta (NASDAQ:NEOV) last posted its earnings results on Friday, February 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.04) by ($0.12). The firm had revenue of $4.65 million during the quarter, compared to the consensus estimate of $4.40 million. NeoVolta had a negative net margin of 54.71% and a negative return on equity of 284.92%.

Hedge Funds Weigh In On NeoVolta

Several institutional investors have recently bought and sold shares of NEOV. MGO One Seven LLC acquired a new position in NeoVolta in the third quarter worth $164,000. Sovran Advisors LLC grew its holdings in shares of NeoVolta by 39.1% during the third quarter. Sovran Advisors LLC now owns 232,171 shares of the company’s stock worth $1,035,000 after purchasing an additional 65,250 shares during the last quarter. Vanguard Group Inc. increased its stake 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 buying an additional 47,521 shares in the last quarter. Bank of America Corp DE raised its holdings in shares of NeoVolta by 4,929.4% in the third quarter. Bank of America Corp DE now owns 14,736 shares of the company’s stock valued at $66,000 after buying an additional 14,443 shares during the last quarter. Finally, Millennium Management LLC bought a new position in shares of NeoVolta in the third quarter valued at about $53,000. 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.