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

Key Points

• Needham reaffirmed its “Buy” rating on NeoVolta and set an $8.00 price target, implying 152.37% upside from the prior close. Analysts’ consensus rating remains “Hold,” with an average target of $9.50.
• NeoVolta’s latest quarterly results fell well short of expectations: it reported a $0.24 per-share loss versus a projected $0.09 loss and revenue of $0.01 million versus the $1.27 million estimate.
• Shares opened at $3.17, while institutional ownership stands at 5.11%; several hedge funds, including AWM Investment and Alyeska Investment Group, recently initiated positions.

NeoVolta (NASDAQ:NEOV - Get Free Report)'s stock had its "buy" rating reiterated by analysts at Needham & Company LLC in a research note issued to investors on Thursday, Benzinga reports. They presently have a $8.00 price target on the stock. Needham & Company LLC's price objective points to a potential upside of 152.37% from the stock's previous close.

Other equities analysts have also recently issued reports about the stock. Lake Street Capital began coverage on shares of NeoVolta in a research report on Friday, June 26th. They issued a "buy" rating and a $11.00 price target for the company. UBS Group reaffirmed a "buy" rating on shares of NeoVolta in a research report on Tuesday, September 1st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of NeoVolta in a report on Friday, June 26th. Finally, Northland Securities began coverage on NeoVolta in a research note on Wednesday, July 29th. They issued an "outperform" rating for the company. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of "Hold" and an average target price of $9.50.

NeoVolta Price Performance

Shares of NASDAQ:NEOV opened at $3.17 on Thursday. The firm has a 50 day simple moving average of $3.11 and a 200 day simple moving average of $2.89. The company has a market cap of $179.45 million, a price-to-earnings ratio of -9.61 and a beta of -0.87. NeoVolta has a one year low of $1.36 and a one year high of $7.13.

NeoVolta (NASDAQ:NEOV - Get Free Report) last issued its quarterly earnings data on Wednesday, September 23rd. The company reported ($0.24) earnings per share for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.15). The firm had revenue of $0.01 million for the quarter, compared to the consensus estimate of $1.27 million. NeoVolta had a negative return on equity of 141.89% and a negative net margin of 63.35%. As a group, analysts expect that NeoVolta will post -0.38 EPS for the current year.

Institutional Trading of NeoVolta

Several hedge funds have recently made changes to their positions in NEOV. AWM Investment Company Inc. bought a new stake in NeoVolta in the 2nd quarter valued at about $5,184,000. Alyeska Investment Group L.P. purchased a new position in NeoVolta in the 2nd quarter valued at approximately $4,882,000. BlackRock Inc. bought a new stake in NeoVolta during the 2nd quarter valued at $1,633,000. BIP Wealth LLC bought a new position in shares of NeoVolta in the second quarter worth $675,000. Finally, Bank of America Corp DE raised its stake in shares of NeoVolta by 131,579.3% during the 1st 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 period. 5.11% of the stock is currently owned by institutional investors.

About NeoVolta

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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