NeoVolta (NASDAQ:NEOV) Stock Rating Upgraded by Needham & Company LLC

NeoVolta (NASDAQ:NEOV) was upgraded by research analysts at Needham & Company LLC to a “moderate buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

Other equities analysts also recently issued research reports about the stock. Wall Street Zen downgraded shares of NeoVolta from a “hold” rating to a “strong sell” rating in a report on Saturday, February 21st. Zacks Research upgraded NeoVolta to a “hold” rating in a research report on Tuesday, April 21st. One analyst has rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $8.00.

NeoVolta Trading Up 24.0%

Shares of NASDAQ:NEOV opened at $2.12 on Wednesday. NeoVolta has a twelve month low of $1.36 and a twelve month high of $7.13. The company’s 50 day moving average is $2.53 and its 200 day moving average is $3.33. The company has a market cap of $90.55 million, a PE ratio of -6.42 and a beta of -0.92.

NeoVolta (NASDAQ:NEOV) 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 net margin of 63.35% and a negative return on equity of 141.89%. The company had revenue of $2.02 million for the quarter, compared to the consensus estimate of $3.41 million. Equities research analysts predict that NeoVolta will post -0.37 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Steve Bond acquired 47,000 shares of the stock in a transaction on Tuesday, May 19th. The shares were acquired at an average price of $2.09 per share, for a total transaction of $98,230.00. Following the transaction, the executive vice president owned 797,000 shares in the company, valued at approximately $1,665,730. This trade represents a 6.27% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.00% of the company’s stock.

Institutional Investors Weigh In On NeoVolta

Several hedge funds have recently bought and sold shares of the stock. Geode Capital Management LLC boosted its position in NeoVolta by 2.9% in the 4th quarter. Geode Capital Management LLC now owns 329,747 shares of the company’s stock worth $1,003,000 after purchasing an additional 9,385 shares in the last quarter. State Street Corp boosted its position in NeoVolta by 8.5% in the 4th quarter. State Street Corp now owns 135,964 shares of the company’s stock worth $413,000 after purchasing an additional 10,700 shares in the last quarter. Qube Research & Technologies Ltd purchased a new position in shares of NeoVolta during the 3rd quarter valued at approximately $48,000. Millennium Management LLC purchased a new position in shares of NeoVolta during the 3rd quarter valued at approximately $53,000. Finally, 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 valued at $66,000 after buying an additional 14,443 shares in the last quarter. Hedge funds and other institutional investors own 5.11% of the company’s stock.

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.