NeoVolta, Inc. (NASDAQ:NEOV) Stock Has Average Target Price of $9.50 According to Brokerages

NeoVolta, Inc. (NASDAQ:NEOV - Get Free Report) has received a consensus rating of "Moderate Buy" from the six ratings firms that are covering the firm, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, one has given a hold recommendation and four have assigned a buy recommendation to the company. The average twelve-month target price among brokers that have updated their coverage on the stock in the last year is $9.50.

Several research analysts have recently weighed in on NEOV shares. Needham & Company LLC restated a "buy" rating and issued a $8.00 target price on shares of NeoVolta in a research note on Thursday, September 24th. Northland Securities began coverage on shares of NeoVolta in a research note on Wednesday, July 29th. They set an "outperform" rating on the stock. UBS Group reiterated a "buy" rating on shares of NeoVolta in a report on Tuesday, September 1st. Finally, Weiss Ratings raised shares of NeoVolta from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, October 6th.

NeoVolta Stock Up 9.0%

NASDAQ NEOV opened at $2.30 on Thursday. The stock has a market cap of $135.73 million, a PE ratio of -4.42 and a beta of -0.77. NeoVolta has a fifty-two week low of $1.36 and a fifty-two week high of $7.13. The business has a 50 day moving average price of $2.98 and a two-hundred day moving average price of $3.04.

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

Insider Activity

In other NeoVolta news, Director John Hass bought 25,000 shares of the company's stock in a transaction dated Wednesday, September 30th. The shares were acquired at an average cost of $2.61 per share, with a total value of $65,250.00. Following the completion of the transaction, the director owned 126,190 shares in the company, valued at $329,355.90. The trade was a 24.71% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 4.00% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. AWM Investment Company Inc. acquired a new stake in NeoVolta during the 2nd quarter valued at approximately $5,184,000. Alyeska Investment Group L.P. purchased a new stake in NeoVolta during the 2nd quarter worth approximately $4,882,000. BlackRock Inc. acquired a new position in shares of NeoVolta in the 2nd quarter valued at approximately $1,633,000. BIP Wealth LLC acquired a new position in shares of NeoVolta in the 2nd quarter valued at approximately $675,000. Finally, Bank of America Corp DE raised its position in shares of NeoVolta by 131,579.3% in 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 in the last quarter. Hedge funds and other institutional investors own 5.11% of the company's stock.

NeoVolta Company Profile

NeoVolta, Inc is a clean-energy technology company that develops and supplies battery-based energy storage systems. Its products are designed to store electricity generated by solar panels or drawn from the electric grid, helping residential customers use more of their own solar power, manage electricity consumption and maintain backup power during outages.

The company's product portfolio includes modular residential energy storage systems, battery units and related power-management equipment.

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