NeoVolta (NASDAQ:NEOV) Earns Buy Rating from Needham & Company LLC

NeoVolta (NASDAQ:NEOV)‘s stock had its “buy” rating reissued by equities researchers at Needham & Company LLC in a research report issued to clients and investors on Thursday, Benzinga reports. They currently have a $8.00 price target on the stock. Needham & Company LLC’s price objective indicates a potential upside of 207.69% from the stock’s previous close.

A number of other equities analysts have also commented on NEOV. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of NeoVolta in a research note on Friday, June 26th. Lake Street Capital began coverage on shares of NeoVolta in a report on Friday, June 26th. They set a “buy” rating and a $11.00 price target for the company. Northland Securities initiated coverage on shares of NeoVolta in a research report on Wednesday, July 29th. They issued 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 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. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.50.

NeoVolta Price Performance

NASDAQ NEOV traded up $0.06 on Thursday, reaching $2.60. The company had a trading volume of 1,609,321 shares, compared to its average volume of 1,571,316. The firm has a market cap of $153.43 million, a price-to-earnings ratio of -5.00 and a beta of -0.87. NeoVolta has a fifty-two week low of $1.36 and a fifty-two week high of $7.13. The business has a 50 day moving average of $3.12 and a two-hundred day moving average of $2.85.

NeoVolta (NASDAQ:NEOV) last announced its earnings results on Wednesday, September 23rd. The company reported ($0.24) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.15). NeoVolta had a negative return on equity of 124.51% and a negative net margin of 161.10%.The company had revenue of $0.01 million for the quarter, compared to analyst estimates of $1.27 million. As a group, research analysts predict that NeoVolta will post -0.43 earnings per share for the current fiscal year.

Institutional Trading of NeoVolta

Several hedge funds have recently modified their holdings of the stock. Alyeska Investment Group L.P. bought a new position in NeoVolta during the second quarter worth $4,882,000. AWM Investment Company Inc. bought a new stake in NeoVolta in the second quarter valued at $5,184,000. BlackRock Inc. acquired a new position in shares of NeoVolta during the second quarter valued at about $1,633,000. BIP Wealth LLC acquired a new position in shares of NeoVolta during the second quarter valued at about $675,000. Finally, Bank of America Corp DE boosted its position in shares of NeoVolta by 131,579.3% during the 1st quarter. Bank of America Corp DE now owns 38,187 shares of the company’s stock worth $118,000 after purchasing an additional 38,158 shares in the last quarter. Institutional investors own 5.11% of the company’s stock.

NeoVolta Company Profile

NeoVolta, Inc develops and supplies energy storage systems for residential solar installations. Its products are designed to store electricity generated by rooftop solar panels and provide backup power during outages or periods when solar production is limited.

The company’s product portfolio includes modular battery-based systems such as the NV14 and related energy storage solutions. These systems are intended to help homeowners increase the use of self-generated solar power, improve energy resilience and manage household electricity consumption.

NeoVolta was founded in 2018 and is headquartered in San Diego, California.