NeoVolta (NASDAQ:NEOV) Earns Buy Rating from Analysts at Lake Street Capital

Stock analysts at Lake Street Capital began coverage on shares of NeoVolta (NASDAQ:NEOV) in a report released on Friday. The brokerage set a “buy” rating and a $11.00 price target on the stock. Lake Street Capital’s target price indicates a potential upside of 475.92% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Needham & Company LLC initiated coverage on NeoVolta in a research report on Wednesday, June 17th. They set a “buy” rating and a $8.00 price target on the stock. Zacks Research raised NeoVolta to a “hold” rating in a report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, NeoVolta presently has a consensus rating of “Hold” and a consensus target price of $9.50.

NeoVolta Stock Down 6.4%

Shares of NeoVolta stock opened at $1.91 on Friday. The stock has a market capitalization of $81.58 million, a price-to-earnings ratio of -5.79 and a beta of -0.92. NeoVolta has a twelve month low of $1.36 and a twelve month high of $7.13. The company has a 50-day simple moving average of $2.44 and a two-hundred day simple moving average of $3.26.

NeoVolta (NASDAQ:NEOV) last announced its 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 firm had revenue of $2.02 million for the quarter, compared to analyst estimates of $3.41 million. On average, sell-side analysts anticipate that NeoVolta will post -0.37 earnings per share for the current fiscal year.

Insider Activity at NeoVolta

In other news, EVP Steve Bond purchased 47,000 shares of the business’s stock in a transaction dated Tuesday, May 19th. The stock was bought at an average price of $2.09 per share, with a total value of $98,230.00. Following the acquisition, the executive vice president owned 797,000 shares in the company, valued at approximately $1,665,730. The trade was a 6.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On NeoVolta

Several institutional investors and hedge funds have recently added to or reduced their stakes in NEOV. Qube Research & Technologies Ltd bought a new position in shares of NeoVolta in the 3rd quarter valued at $48,000. Millennium Management LLC bought a new stake in shares of NeoVolta during the 3rd quarter worth $53,000. Bank of America Corp DE lifted its position in shares of NeoVolta by 4,929.4% during the 3rd 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 last quarter. Virtu Financial LLC acquired a new stake in NeoVolta in the fourth quarter valued at about $49,000. Finally, Truist Financial Corp bought a new position in NeoVolta in the fourth quarter valued at about $129,000. 5.11% of the stock is currently owned by institutional investors.

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.