Needham & Company LLC upgraded shares of NeoVolta (NASDAQ:NEOV – Free Report) to a moderate buy rating in a research note issued to investors on Wednesday,Zacks.com reports.
Several other research firms have also recently commented on NEOV. Wall Street Zen cut NeoVolta from a “hold” rating to a “strong sell” rating in a report on Saturday, February 21st. Zacks Research raised NeoVolta to a “hold” rating in a report on Tuesday, April 21st. One analyst has 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 data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $8.00.
View Our Latest Stock Report on NeoVolta
NeoVolta Price Performance
NeoVolta (NASDAQ:NEOV – Get Free Report) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.15) by $0.07. NeoVolta had a negative return on equity of 141.89% and a negative net margin of 63.35%.The company had revenue of $2.02 million for the quarter, compared to the consensus estimate of $3.41 million. Equities research analysts anticipate that NeoVolta will post -0.37 earnings per share for the current fiscal year.
Insider Activity at NeoVolta
In related news, EVP Steve Bond acquired 47,000 shares of NeoVolta stock in a transaction on Tuesday, May 19th. The shares were bought 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 $1,665,730. This trade represents a 6.27% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 4.00% of the stock is currently owned by corporate insiders.
Institutional Trading of NeoVolta
Several hedge funds and other institutional investors have recently bought and sold shares of NEOV. Vanguard Group Inc. increased its holdings in 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 buying an additional 47,521 shares during the last quarter. Bank of America Corp DE grew its holdings 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 valued at $66,000 after purchasing an additional 14,443 shares during the last quarter. Millennium Management LLC bought a new position in shares of NeoVolta during the third quarter valued at approximately $53,000. Qube Research & Technologies Ltd bought a new position in shares of NeoVolta during the third quarter valued at approximately $48,000. Finally, Sovran Advisors LLC grew its holdings in shares of NeoVolta by 97.1% during the fourth quarter. Sovran Advisors LLC now owns 457,687 shares of the company’s stock valued at $1,391,000 after purchasing an additional 225,516 shares during the last quarter. 5.11% of the stock is owned by institutional investors.
NeoVolta Company 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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