NeoVolta, Inc. (NASDAQ:NEOV) Receives Consensus Rating of "Hold" from Analysts

Key Points

• NeoVolta received a consensus analyst rating of “Hold” from five brokerages, with an average 1-year price target of $9.50. The ratings were mixed, including one sell, two holds, and two buys.
• Insider activity included EVP Steve Bond buying 47,000 shares at $2.09 each, increasing his holdings by 6.27%. Company insiders now own about 4.00% of the stock.
• NeoVolta reported better-than-expected EPS for its latest quarter, but revenue fell short of estimates at $2.02 million. The stock traded around $2.26, well below its 1-year high of $7.13.

Shares of NeoVolta, Inc. (NASDAQ:NEOV - Get Free Report) have been given an average recommendation of "Hold" by the five brokerages that are presently covering the firm, MarketBeat.com reports. One investment analyst has rated the stock with a sell recommendation, two have given a hold recommendation and two have issued a buy recommendation on the company. The average 1 year target price among brokerages that have updated their coverage on the stock in the last year is $9.50.

NEOV has been the subject of a number of analyst reports. Weiss Ratings restated a "sell (e+)" rating on shares of NeoVolta in a research note on Friday, June 26th. Zacks Research upgraded shares of NeoVolta to a "hold" rating in a research report on Tuesday, April 21st. Lake Street Capital began coverage on NeoVolta in a research report on Friday, June 26th. They set a "buy" rating and a $11.00 price objective on the stock. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $8.00 price objective on shares of NeoVolta in a report on Thursday, July 2nd.

Insider Transactions at NeoVolta

In other NeoVolta news, EVP Steve Bond purchased 47,000 shares of the company's stock in a transaction on Tuesday, May 19th. The stock was acquired at an average price of $2.09 per share, for a total transaction of $98,230.00. Following the completion of the purchase, the executive vice president directly owned 797,000 shares in the company, valued at approximately $1,665,730. The trade was a 6.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.00% of the stock is currently owned by company insiders.

Institutional Trading of NeoVolta

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sovran Advisors LLC raised its position in shares of NeoVolta by 97.1% during the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company's stock worth $1,391,000 after acquiring an additional 225,516 shares in the last quarter. 683 Capital Management LLC acquired a new position in NeoVolta in the fourth quarter valued at approximately $589,000. OMERS ADMINISTRATION Corp purchased a new position in NeoVolta in the fourth quarter valued at approximately $230,000. State Street Corp increased its stake in NeoVolta by 8.5% in the fourth quarter. State Street Corp now owns 135,964 shares of the company's stock valued at $413,000 after purchasing an additional 10,700 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in NeoVolta by 2.9% during the fourth quarter. Geode Capital Management LLC now owns 329,747 shares of the company's stock worth $1,003,000 after purchasing an additional 9,385 shares in the last quarter. 5.11% of the stock is currently owned by institutional investors and hedge funds.

NeoVolta Price Performance

Shares of NASDAQ:NEOV opened at $2.26 on Tuesday. NeoVolta has a 1-year low of $1.36 and a 1-year high of $7.13. The firm's 50 day simple moving average is $2.31 and its two-hundred day simple moving average is $3.14. The company has a market capitalization of $96.52 million, a P/E ratio of -6.85 and a beta of -1.09.

NeoVolta (NASDAQ:NEOV - Get Free Report) last announced its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.15) by $0.07. The business had revenue of $2.02 million for the quarter, compared to analysts' expectations of $3.41 million. NeoVolta had a negative net margin of 63.35% and a negative return on equity of 141.89%. On average, sell-side analysts anticipate that NeoVolta will post -0.37 earnings per share for the current fiscal year.

About NeoVolta

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.