NeoVolta, Inc. (NASDAQ:NEOV) Receives Average Rating of "Moderate Buy" from Analysts

Key Points

• Analysts hold a moderately bullish view of NeoVolta, with four buy ratings, one hold and one sell among six analysts. The average 12-month price target is $9.50, compared with the stock’s reported opening price of $3.05.
• NeoVolta’s latest quarterly results fell well short of expectations, with a loss of $0.24 per share versus the estimated $0.09 loss and revenue of just $0.01 million against the $1.27 million consensus.
• Institutional ownership stands at 5.11%, with several investment firms—including BlackRock, Alyeska Investment Group and AWM Investment Company—recently establishing or adding to positions.

NeoVolta, Inc. (NASDAQ:NEOV - Get Free Report) has earned an average rating of "Moderate Buy" from the six analysts that are covering the stock, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and four have assigned a buy recommendation to the company. The average 12 month target price among brokers that have issued a report on the stock in the last year is $9.50.

Several equities research analysts have issued reports on NEOV shares. Northland Securities initiated coverage on NeoVolta in a research note on Wednesday, July 29th. They set an "outperform" rating for the company. Needham & Company LLC reiterated a "buy" rating and set a $8.00 price objective on shares of NeoVolta in a research report on Thursday, September 24th. UBS Group reissued a "buy" rating on shares of NeoVolta in a report on Tuesday, September 1st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of NeoVolta in a research note on Tuesday, September 22nd. Finally, Lake Street Capital started coverage on shares of NeoVolta in a research note on Friday, June 26th. They set a "buy" rating and a $11.00 price target on the stock.

NeoVolta Price Performance

NEOV stock opened at $3.05 on Friday. The firm has a 50 day simple moving average of $3.15 and a two-hundred day simple moving average of $2.84. The stock has a market cap of $179.98 million, a PE ratio of -5.87 and a beta of -0.77. NeoVolta has a one year low of $1.36 and a one year high of $7.13.

NeoVolta (NASDAQ:NEOV - Get Free Report) last posted its quarterly earnings data on Wednesday, September 23rd. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.15). NeoVolta had a negative net margin of 161.10% and a negative return on equity of 124.51%. The company had revenue of $0.01 million for the quarter, compared to analysts' expectations of $1.27 million. On average, research analysts expect that NeoVolta will post -0.43 EPS for the current fiscal year.

Institutional Trading of NeoVolta

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

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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