The Vanguard Group, Inc. recently announced the acquisition of new stake in Volta Inc. (NYSE:VLTA). The institutional investor has increased its shareholding in the Consumer Cyclical company by 14.10% to 6.32 million shares with purchase of 0.78 million shares. This fresh investment now brings its stake to 3.65% valued currently at $2.24 million. In addition, Handelsbanken Fonder AB raised its holdings by 0.25 million to 3.92 million shares.
With over 2.26 million Volta Inc. (VLTA) shares trading Friday and a closing price of $0.85 on the day, the dollar volume was approximately $1.92 million. The shares have shown a negative half year performance of -63.87% and its price on 02/03/23 lost nearly -0.71%. Currently, there are 168.75M common shares owned by the public and among those 123.41M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for VLTA have a consensus price objective of $1.18. The analysts have set the share’s price value over the next 12 months at a high of $2.00 and a low of $0.86. The average price target is 27.97% above its recent price level and an upside to the estimated low will see the stock gain 1.16% over that period. But an upside of 57.5% will see the stock hit the forecast high price target while median target price for the stock is $0.93.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 23 of these insider trades were purchases, accounting for 22,425,605 shares. Insider sales of the common stock occurred on 5 occasions, with total insider shares sold totaling 6,492,674 shares.
The top 3 mutual fund holders in Volta Inc. are Vanguard Total Stock Market Index, SPDR S&P Kensho New Economies Com, and iShares Russell 2000 ETF. Vanguard Total Stock Market Index owns 3.97 million shares of the company’s stock, all valued at over $1.41 million. SPDR S&P Kensho New Economies Com sold 4540.0 shares to see its total holdings shrink to 3.52 million shares valued at over $1.25 million and representing 2.03% of the shares outstanding. iShares Russell 2000 ETF sold 29158.0 shares to bring its total holdings to over 2.8 million shares at a value of $0.99 million. iShares Russell 2000 ETF now owns shares totaling to 1.61% of the shares outstanding.
Shares of Volta Inc. (NYSE: VLTA) opened at $0.852, down -$0.01 from a prior closing price of $0.86. However, the script later moved the day high at 0.8590, down -0.71%. The company’s stock has a 5-day price change of -0.69% and -15.93% over the past three months. VLTA shares are trading 138.91% year to date (YTD), with the 12-month market performance down to -82.35% lower. It has a 12-month low price of $0.30 and touched a high of $5.80 over the same period. VLTA has an average intraday trading volume of 5.69 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 14.45%, 47.57%, and -43.08% respectively.
Institutional ownership of Volta Inc. (NYSE: VLTA) shares accounts for 26.60% of the company’s 168.75M shares outstanding. Mutual fund holders own 13.52%, while other institutional holders and individual stakeholders account for 28.28% and 12.71% respectively.
It has a market capitalization of $148.32M. The earnings-per-share (ttm) stands at -$1.52. Price movements for the stock have been influenced by the stock’s volatility, which stands at 0.83% over the week and 7.83% over the month.
Analysts forecast that Volta Inc. (VLTA) will achieve an EPS of -$0.27 for the current quarter, -$0.29 for the next quarter and -$1.14 for 2023. The lowest estimate earnings-per-share for the quarter is -$0.46 while analysts give the company a high EPS estimate of -$0.19. Comparatively, EPS for the current quarter was -$0.58 a year ago. Earnings per share for the fiscal year are expected to decrease by -315.90%, and 24.20% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Volta Inc. (VLTA) as a “Moderate Buy” at a consensus score of 2.80. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 4 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Needham coverage for the Volta Inc. (VLTA) stock in a research note released on October 20, 2022 offered a Buy rating with a price target of $2. ROTH Capital was of a view on August 09, 2022 that the stock is Neutral, while Barclays gave the stock Equal Weight rating on August 05, 2022, issuing a price target of $2. Cantor Fitzgerald on their part issued Neutral rating on June 13, 2022.
