NeoVolta (NASDAQ:NEOV) Shares Break Above 50 Day Moving Average - Here's Why

Key Points

• NeoVolta shares moved above their 50-day moving average of $2.81 on Monday, reaching $2.98 before last trading at $2.86.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $9.50; four analysts rate the stock Buy, one Hold, and one Sell.
• The company reported a quarterly loss of $0.24 per share, missing the $0.09 loss estimate, while revenue of $0.01 million fell short of the $1.27 million consensus.

NeoVolta, Inc. (NASDAQ:NEOV - Get Free Report)'s stock price passed above its 50 day moving average during trading on Monday. The stock has a 50 day moving average of $2.81 and traded as high as $2.98. NeoVolta shares last traded at $2.86, with a volume of 1,794,975 shares traded.

Analyst Ratings Changes

A number of brokerages recently weighed in on NEOV. Weiss Ratings upgraded shares of NeoVolta from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, October 6th. Needham & Company LLC reissued a "buy" rating and set a $8.00 target price on shares of NeoVolta in a research note on Thursday, September 24th. Northland Securities started coverage on shares of NeoVolta in a research report on Wednesday, July 29th. They set an "outperform" rating on the stock. Finally, UBS Group reaffirmed a "buy" rating on shares of NeoVolta in a research note on Tuesday, September 1st. Four research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $9.50.

NeoVolta Stock Performance

The stock has a 50 day moving average price of $2.81 and a 200 day moving average price of $2.97. The company has a market cap of $169.03 million, a P/E ratio of -5.50 and a beta of -0.71.

NeoVolta (NASDAQ:NEOV - Get Free Report) last announced its earnings results 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). The firm had revenue of $0.01 million for the quarter, compared to the consensus estimate of $1.27 million. NeoVolta had a negative net margin of 161.10% and a negative return on equity of 124.51%. As a group, equities research analysts predict that NeoVolta, Inc. will post -0.43 earnings per share for the current year.

Insider Buying and Selling at NeoVolta

In other NeoVolta news, Director John Hass acquired 25,000 shares of NeoVolta stock in a transaction dated Wednesday, September 30th. The stock was bought at an average price of $2.61 per share, for a total transaction of $65,250.00. Following the transaction, the director owned 126,190 shares in the company, valued at approximately $329,355.90. This trade represents a 24.71% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 4.00% of the company's stock.

Institutional Trading of NeoVolta

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its holdings in NeoVolta by 131,579.3% during the first quarter. Bank of America Corp DE now owns 38,187 shares of the company's stock worth $118,000 after buying an additional 38,158 shares in the last quarter. BIP Wealth LLC acquired a new stake in shares of NeoVolta during the 2nd quarter valued at $675,000. BlackRock Inc. acquired a new stake in shares of NeoVolta during the 2nd quarter valued at $1,633,000. Alyeska Investment Group L.P. bought a new stake in shares of NeoVolta during the 2nd quarter worth $4,882,000. Finally, AWM Investment Company Inc. bought a new stake in shares of NeoVolta during the 2nd quarter worth $5,184,000. 5.11% of the stock is owned by institutional investors and hedge funds.

About NeoVolta

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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