Alyeska Investment Group L.P. Buys Shares of 1,550,000 NeoVolta, Inc. $NEOV

Key Points

• Alyeska Investment Group purchased 1.55 million NeoVolta shares worth approximately $4.88 million, giving it a roughly 3.63% stake. Institutional investors and hedge funds collectively own 5.11% of the company.
• NeoVolta shares opened at $3.65, with the stock trading between a 52-week low of $1.36 and high of $7.13. The company has a market capitalization of about $206.6 million and a negative price-to-earnings ratio.
• Analyst sentiment is mixed: four analysts rate the stock Buy, two Hold, and one Sell. The consensus rating is Hold, with an average price target of $9.50.

Alyeska Investment Group L.P. bought a new stake in NeoVolta, Inc. (NASDAQ:NEOV - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 1,550,000 shares of the company's stock, valued at approximately $4,882,000. Alyeska Investment Group L.P. owned approximately 3.63% of NeoVolta as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in NEOV. Qube Research & Technologies Ltd acquired a new stake in shares of NeoVolta in the third quarter valued at about $48,000. Millennium Management LLC acquired a new position in NeoVolta during the third quarter worth $53,000. Bank of America Corp DE boosted its position in NeoVolta by 4,929.4% during the third quarter. Bank of America Corp DE now owns 14,736 shares of the company's stock worth $66,000 after purchasing an additional 14,443 shares in the last quarter. Virtu Financial LLC purchased a new stake in NeoVolta during the fourth quarter worth $49,000. Finally, Truist Financial Corp acquired a new stake in NeoVolta in the fourth quarter valued at $129,000. 5.11% of the stock is currently owned by institutional investors and hedge funds.

NeoVolta Stock Down 13.9%

Shares of NeoVolta stock opened at $3.65 on Wednesday. NeoVolta, Inc. has a fifty-two week low of $1.36 and a fifty-two week high of $7.13. The business's fifty day moving average is $2.73 and its two-hundred day moving average is $2.87. The firm has a market cap of $206.63 million, a PE ratio of -11.06 and a beta of -0.88.

Analyst Ratings Changes

NEOV has been the topic of several research reports. Needham & Company LLC reiterated a "buy" rating and issued a $8.00 price target on shares of NeoVolta in a research report on Thursday, July 2nd. Northland Securities assumed coverage on NeoVolta in a research report on Wednesday, July 29th. They set an "outperform" rating for the company. UBS Group reaffirmed a "buy" rating on shares of NeoVolta in a research note on Tuesday. Weiss Ratings reiterated a "sell (e+)" rating on shares of NeoVolta in a report on Friday, June 26th. Finally, Lake Street Capital started coverage on NeoVolta in a research report on Friday, June 26th. They set a "buy" rating and a $11.00 price target for the company. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, NeoVolta presently has an average rating of "Hold" and a consensus target price of $9.50.

NeoVolta Profile

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.

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