NeoVolta (NASDAQ:NEOV) Now Covered by Northland Securities

Key Points

• Northland Securities initiated coverage of NeoVolta with an “outperform” rating. Analyst sentiment remains mixed overall, with three buy ratings, two holds and one sell, producing an average “Hold” rating and a $9.50 target price.
• NeoVolta shares opened at $2.01, well below the $7.13 one-year high, while the company reported a quarterly loss of $0.08 per share—better than estimates—but revenue of $2.02 million missed the $3.41 million consensus.
• Executive Vice President Steve Bond bought 47,000 shares at an average $2.09 each, increasing his holdings by 6.27%. Institutional investors own 5.11% of NeoVolta, which develops battery-storage systems for residential and light-commercial use.

Analysts at Northland Securities started coverage on shares of NeoVolta (NASDAQ:NEOV - Get Free Report) in a research note issued on Wednesday, MarketBeat.com reports. The firm set an "outperform" rating on the stock.

Several other equities research analysts have also weighed in on the stock. Needham & Company LLC reiterated a "buy" rating and set a $8.00 price objective on shares of NeoVolta in a research note on Thursday, July 2nd. Zacks Research upgraded NeoVolta to a "hold" rating in a research note on Tuesday, April 21st. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of NeoVolta in a report on Friday, June 26th. Finally, Lake Street Capital assumed coverage on NeoVolta in a research report on Friday, June 26th. They set a "buy" rating and a $11.00 price target on the stock. Three equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $9.50.

NeoVolta Price Performance

NEOV stock opened at $2.01 on Wednesday. NeoVolta has a 1-year low of $1.36 and a 1-year high of $7.13. The firm has a fifty day moving average price of $2.28 and a two-hundred day moving average price of $3.10. The firm has a market cap of $85.85 million, a price-to-earnings ratio of -6.09 and a beta of -1.09.

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

Insider Buying and Selling at NeoVolta

In other news, EVP Steve Bond acquired 47,000 shares of the company's stock in a transaction that occurred on Tuesday, May 19th. The shares were acquired at an average price of $2.09 per share, with a total value of $98,230.00. Following the acquisition, 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 ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. increased its stake in shares of NeoVolta by 11.5% in the third quarter. Vanguard Group Inc. now owns 458,988 shares of the company's stock valued at $2,047,000 after purchasing an additional 47,521 shares during the period. Bank of America Corp DE boosted its position in shares of 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 buying an additional 14,443 shares during the period. Millennium Management LLC acquired a new position in shares of NeoVolta during the third quarter worth approximately $53,000. Qube Research & Technologies Ltd acquired a new position in shares of NeoVolta during the third quarter worth approximately $48,000. Finally, Sovran Advisors LLC grew its holdings in NeoVolta by 97.1% in the 4th quarter. Sovran Advisors LLC now owns 457,687 shares of the company's stock worth $1,391,000 after buying an additional 225,516 shares in the last quarter. Institutional investors own 5.11% of the company's stock.

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.