NeoVolta (NASDAQ:NEOV) Director John Hass Acquires 25,000 Shares of Company Stock

NeoVolta, Inc. (NASDAQ:NEOV) Director John Hass bought 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 30th. The stock was acquired at an average price of $2.61 per share, for a total transaction of $65,250.00. Following the transaction, the director owned 126,190 shares in the company, valued at $329,355.90. This trade represents a 24.71% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

NeoVolta Stock Up 7.0%

NASDAQ NEOV opened at $2.43 on Friday. The company has a 50-day simple moving average of $3.20 and a two-hundred day simple moving average of $2.75. NeoVolta, Inc. has a 12-month low of $1.36 and a 12-month high of $7.13. The firm has a market cap of $143.40 million, a price-to-earnings ratio of -4.67 and a beta of -0.77.

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

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on NEOV shares. Lake Street Capital assumed coverage on NeoVolta in a research report on Friday, June 26th. They set a “buy” rating and a $11.00 price target on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $8.00 price target on shares of NeoVolta in a research note on Thursday, September 24th. Weiss Ratings upgraded NeoVolta from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, October 6th. UBS Group reissued a “buy” rating on shares of NeoVolta in a research note on Tuesday, September 1st. Finally, Northland Securities initiated coverage on shares of NeoVolta in a report on Wednesday, July 29th. They issued an “outperform” rating on the stock. Four equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, NeoVolta has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Hedge Funds Weigh In On NeoVolta

Hedge funds have recently modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of NeoVolta by 131,579.3% during the first 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 during the period. BIP Wealth LLC purchased a new position in NeoVolta during the 2nd quarter valued at about $675,000. BlackRock Inc. purchased a new position in NeoVolta during the 2nd quarter valued at about $1,633,000. Alyeska Investment Group L.P. bought a new position in NeoVolta during the 2nd quarter valued at approximately $4,882,000. Finally, AWM Investment Company Inc. bought a new position in NeoVolta during the 2nd quarter valued at approximately $5,184,000. Hedge funds and other institutional investors own 5.11% of the company’s stock.

About NeoVolta

NeoVolta, Inc is a U.S.-based energy technology company that develops, manufactures and sells battery energy storage systems for residential applications. Its systems are designed to store electricity generated by solar panels or drawn from the grid, helping homeowners maintain power during outages and manage energy consumption.

The company’s product portfolio includes the NV14, NV24 and NV48 energy storage systems, which are intended to support whole-home or partial-home backup applications.