NeoVolta, Inc. $NEOV is Legacy Wealth Managment LLC ID’s 2nd Largest Position

Legacy Wealth Managment LLC ID lessened its stake in NeoVolta, Inc. (NASDAQ:NEOV) by 6.1% during the first quarter, HoldingsChannel reports. The firm owned 5,325,024 shares of the company’s stock after selling 344,059 shares during the period. NeoVolta comprises approximately 8.2% of Legacy Wealth Managment LLC ID’s portfolio, making the stock its 2nd biggest holding. Legacy Wealth Managment LLC ID owned about 0.12% of NeoVolta worth $16,401,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Qube Research & Technologies Ltd purchased a new stake in NeoVolta in the third quarter worth $48,000. Virtu Financial LLC purchased a new position in shares of NeoVolta during the 4th quarter valued at $49,000. Millennium Management LLC bought a new position in shares of NeoVolta during the 3rd quarter worth $53,000. Bank of America Corp DE grew its stake 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 acquiring an additional 14,443 shares during the period. Finally, Truist Financial Corp purchased a new stake in NeoVolta in the 4th quarter worth about $129,000. 5.11% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on NEOV. Needham & Company LLC restated a “buy” rating and issued a $8.00 price objective on shares of NeoVolta in a research note on Thursday, July 2nd. Zacks Research upgraded shares of NeoVolta to a “hold” rating in a research note on Tuesday, April 21st. Weiss Ratings reissued a “sell (e+)” rating on shares of NeoVolta in a research report on Friday, June 26th. Finally, Lake Street Capital began coverage on shares of NeoVolta in a research note on Friday, June 26th. They set a “buy” rating and a $11.00 price target on the stock. Two analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, NeoVolta presently has an average rating of “Hold” and an average target price of $9.50.

Insider Buying and Selling

In other news, EVP Steve Bond purchased 47,000 shares of NeoVolta stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $2.09 per share, for a total transaction of $98,230.00. Following the transaction, the executive vice president directly owned 797,000 shares of the company’s stock, valued at approximately $1,665,730. This trade represents a 6.27% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 4.00% of the stock is currently owned by insiders.

NeoVolta Trading Up 7.1%

Shares of NeoVolta stock opened at $2.26 on Tuesday. The company’s 50-day moving average price is $2.31 and its 200-day moving average price is $3.14. NeoVolta, Inc. has a 12-month low of $1.36 and a 12-month high of $7.13. The company has a market cap of $96.52 million, a price-to-earnings ratio of -6.85 and a beta of -1.09.

NeoVolta (NASDAQ:NEOV) last issued its quarterly earnings data on Thursday, May 14th. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.15) by $0.07. The company had revenue of $2.02 million during the quarter, compared to analysts’ expectations of $3.41 million. NeoVolta had a negative net margin of 63.35% and a negative return on equity of 141.89%. On average, sell-side analysts predict that NeoVolta, Inc. will post -0.37 earnings per share for the current year.

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.