NeoVolta's (NEOV) "Buy" Rating Reaffirmed at Needham & Company LLC

Key Points

• Needham & Company reaffirmed its “Buy” rating on NeoVolta and maintained an $8.00 price target, implying approximately 124% upside from the reported $3.57 share price.
• Analyst sentiment is mixed: four analysts rate the stock a Buy, two a Hold and one a Sell, resulting in a consensus “Hold” rating and a $9.50 average price target.
• Institutional investors recently established or increased positions in NeoVolta, including Alyeska Investment Group, AWM Investment Company and BlackRock; institutions collectively own 5.11% of the company.

NeoVolta (NASDAQ:NEOV - Get Free Report)'s stock had its "buy" rating reiterated by equities researchers at Needham & Company LLC in a research note issued to investors on Tuesday, Benzinga reports. They currently have a $8.00 target price on the stock. Needham & Company LLC's target price indicates a potential upside of 124.09% from the stock's current price.

Several other equities research analysts also recently issued reports on NEOV. Weiss Ratings restated a "sell (e+)" rating on shares of NeoVolta in a report on Friday, June 26th. UBS Group reissued a "buy" rating on shares of NeoVolta in a research report on Tuesday, September 1st. Northland Securities began coverage on shares of NeoVolta in a research note on Wednesday, July 29th. They issued an "outperform" rating for the company. Finally, Lake Street Capital started coverage on shares of NeoVolta in a report on Friday, June 26th. They issued a "buy" rating and a $11.00 price target on the stock. Four 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 data from MarketBeat, the company currently has a consensus rating of "Hold" and a consensus price target of $9.50.

NeoVolta Stock Performance

Shares of NASDAQ:NEOV opened at $3.57 on Tuesday. The company has a market cap of $202.08 million, a P/E ratio of -10.82 and a beta of -0.87. NeoVolta has a one year low of $1.36 and a one year high of $7.13. The business's 50-day simple moving average is $2.97 and its 200 day simple moving average is $2.88.

Institutional Trading of NeoVolta

Several institutional investors and hedge funds have recently bought and sold shares of the company. Alyeska Investment Group L.P. acquired a new position in shares of NeoVolta in the 2nd quarter worth approximately $4,882,000. AWM Investment Company Inc. bought a new position in NeoVolta during the second quarter worth $5,184,000. BlackRock Inc. acquired a new position in NeoVolta in the second quarter worth $1,633,000. BIP Wealth LLC bought a new stake in NeoVolta during the second quarter valued at $675,000. Finally, Bank of America Corp DE increased its stake in NeoVolta by 131,579.3% during the first quarter. Bank of America Corp DE now owns 38,187 shares of the company's stock valued at $118,000 after purchasing an additional 38,158 shares during the last quarter. Institutional investors and hedge funds own 5.11% of the company's stock.

NeoVolta Company Profile

NeoVolta, Inc develops and supplies energy storage systems for residential solar installations. Its products are designed to store electricity generated by rooftop solar panels and provide backup power during outages or periods when solar production is limited.

The company's product portfolio includes modular battery-based systems such as the NV14 and related energy storage solutions. These systems are intended to help homeowners increase the use of self-generated solar power, improve energy resilience and manage household electricity consumption.

NeoVolta was founded in 2018 and is headquartered in San Diego, California.

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