NeoVolta (NASDAQ:NEOV) Coverage Initiated at Lake Street Capital

Research analysts at Lake Street Capital started coverage on shares of NeoVolta (NASDAQ:NEOV) in a research note issued on Friday. The firm 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 company’s previous close.

Several other equities research analysts also recently weighed in on NEOV. Needham & Company LLC began coverage on NeoVolta in a report on Wednesday, June 17th. They set a “buy” rating and a $8.00 price objective on the stock. Zacks Research upgraded shares of NeoVolta to a “hold” rating in a research report on Tuesday, April 21st. Two equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $9.50.

NeoVolta Price Performance

NEOV stock opened at $1.91 on Friday. The stock has a market cap of $81.58 million, a price-to-earnings ratio of -5.79 and a beta of -0.92. The company has a 50 day simple moving average of $2.44 and a 200 day simple moving average of $3.26. NeoVolta has a 1 year low of $1.36 and a 1 year high of $7.13.

NeoVolta (NASDAQ:NEOV) last issued its earnings results on Thursday, May 14th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.15) by $0.07. The firm had revenue of $2.02 million for the quarter, compared to analyst estimates of $3.41 million. NeoVolta had a negative net margin of 63.35% and a negative return on equity of 141.89%. On average, equities research analysts anticipate that NeoVolta will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at NeoVolta

In related news, EVP Steve Bond purchased 47,000 shares of the firm’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 completion of the purchase, the executive vice president owned 797,000 shares in the company, valued at approximately $1,665,730. This represents a 6.27% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 4.00% of the company’s stock.

Institutional Trading of NeoVolta

Institutional investors have recently added to or reduced their stakes in the stock. Qube Research & Technologies Ltd acquired a new stake in NeoVolta during the 3rd quarter valued at approximately $48,000. Virtu Financial LLC acquired a new position in shares of NeoVolta in the 4th quarter worth approximately $49,000. Millennium Management LLC acquired a new position in shares of NeoVolta in the 3rd quarter worth approximately $53,000. Bank of America Corp DE boosted its stake in shares of NeoVolta by 4,929.4% in the 3rd 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. Finally, Truist Financial Corp acquired a new stake in shares of NeoVolta during the fourth quarter worth $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.