Short Interest in NeoVolta, Inc. (NASDAQ:NEOV) Expands By 34.1%

Key Points

• Short interest surged 34.1% to 3,459,120 shares as of March 31, representing about 8.4% of shares short and a short-interest ratio of 4.8 days.
• Shares dropped 7.9% to $3.03; the company reported a quarterly EPS loss of ($0.16) that missed estimates and showed a negative net margin (54.71%) and negative return on equity (284.92%).
• Analyst sentiment is weak (average rating "Reduce" with recent downgrades to "strong sell"/"sell") and institutional ownership is low at roughly 5.11%, despite a few small new stakes by hedge funds.

NeoVolta, Inc. (NASDAQ:NEOV - Get Free Report) was the target of a significant increase in short interest in March. As of March 31st, there was short interest totaling 3,459,120 shares, an increase of 34.1% from the March 15th total of 2,578,585 shares. Approximately 8.4% of the company's shares are short sold. Based on an average trading volume of 725,731 shares, the short-interest ratio is presently 4.8 days.

NeoVolta Stock Down 7.9%

NeoVolta stock traded down $0.26 during trading hours on Thursday, hitting $3.03. The company had a trading volume of 494,518 shares, compared to its average volume of 513,930. The firm has a market capitalization of $129.41 million, a P/E ratio of -10.45 and a beta of -0.66. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.10 and a quick ratio of 1.60. The firm's fifty day moving average is $3.52 and its 200-day moving average is $3.98. NeoVolta has a fifty-two week low of $1.88 and a fifty-two week high of $7.13.

NeoVolta (NASDAQ:NEOV - Get Free Report) last released its quarterly earnings data on Friday, February 13th. The company reported ($0.16) earnings per share for the quarter, missing the consensus estimate of ($0.04) by ($0.12). The company had revenue of $4.65 million during the quarter, compared to analyst estimates of $4.40 million. NeoVolta had a negative net margin of 54.71% and a negative return on equity of 284.92%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in NEOV. Qube Research & Technologies Ltd acquired a new position in NeoVolta in the 3rd quarter valued at approximately $48,000. Virtu Financial LLC bought a new stake in NeoVolta in the fourth quarter worth approximately $49,000. Millennium Management LLC bought a new stake in NeoVolta in the third quarter worth approximately $53,000. Bank of America Corp DE grew its position in NeoVolta by 4,929.4% in the third quarter. Bank of America Corp DE now owns 14,736 shares of the company's stock worth $66,000 after acquiring an additional 14,443 shares in the last quarter. Finally, Truist Financial Corp bought a new stake in NeoVolta in the fourth quarter worth approximately $129,000. Institutional investors and hedge funds own 5.11% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on NEOV shares. Wall Street Zen downgraded shares of NeoVolta from a "hold" rating to a "strong sell" rating in a research report on Saturday, February 21st. Weiss Ratings reissued a "sell (e+)" rating on shares of NeoVolta in a research report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Reduce".

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.