NeoVolta, Inc. (NASDAQ:NEOV) Receives $9.50 Average Target Price from Brokerages

Shares of NeoVolta, Inc. (NASDAQ:NEOV) have been assigned a consensus rating of “Hold” from the five ratings firms that are currently covering the company, MarketBeat reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $9.50.

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

NeoVolta Stock Down 5.1%

NASDAQ NEOV opened at $2.24 on Tuesday. The company has a 50-day moving average price of $2.28 and a 200-day moving average price of $3.13. NeoVolta has a 52 week low of $1.36 and a 52 week high of $7.13. The firm has a market capitalization of $95.67 million, a P/E ratio of -6.79 and a beta of -1.09.

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

Insider Buying and Selling

In related news, EVP Steve Bond purchased 47,000 shares of NeoVolta stock in a transaction 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 completion of the transaction, the executive vice president directly owned 797,000 shares in the company, valued at $1,665,730. This represents a 6.27% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 4.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Legacy Wealth Managment LLC ID increased its holdings in NeoVolta by 3.1% in the 4th quarter. Legacy Wealth Managment LLC ID now owns 5,669,083 shares of the company’s stock worth $17,234,000 after acquiring an additional 169,822 shares in the last quarter. Vanguard Group Inc. lifted its holdings in NeoVolta by 11.5% during 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 in the last quarter. Sovran Advisors LLC lifted its holdings in NeoVolta by 97.1% during the fourth quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock valued at $1,391,000 after purchasing an additional 225,516 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of NeoVolta by 2.9% in the fourth 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 period. Finally, 683 Capital Management LLC bought a new position in shares of NeoVolta in the fourth quarter worth approximately $589,000. 5.11% of the stock is owned by hedge funds and other institutional investors.

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.