Nextpower (NASDAQ:NXT) Rating Lowered to “Hold” at Jefferies Financial Group

Nextpower (NASDAQ:NXT) was downgraded by investment analysts at Jefferies Financial Group from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Sunday,Zacks.com reports.

A number of other research analysts also recently commented on NXT. Wells Fargo & Company increased their target price on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a research report on Wednesday, January 28th. Mizuho set a $81.00 price target on Nextpower in a report on Friday, January 23rd. Needham & Company LLC boosted their price objective on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. Barclays set a $115.00 price target on shares of Nextpower in a report on Thursday, January 29th. Finally, UBS Group upped their target price on Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Trading Up 0.4%

NXT opened at $121.87 on Friday. Nextpower has a 1-year low of $36.06 and a 1-year high of $131.59. The firm’s 50 day simple moving average is $97.29 and its two-hundred day simple moving average is $84.65. The company has a market capitalization of $18.10 billion, a PE ratio of 31.17, a PEG ratio of 3.57 and a beta of 2.34.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping the consensus estimate of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The firm had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. Equities analysts forecast that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Activity

In other news, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total value of $918,500.00. Following the completion of the sale, the director owned 16,777 shares of the company’s stock, valued at $1,540,967.45. This represents a 37.35% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO David P. Bennett sold 33,725 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the transaction, the chief accounting officer owned 130,967 shares in the company, valued at approximately $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 96,468 shares of company stock valued at $8,839,829 in the last three months. 0.56% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Nextpower

Several large investors have recently modified their holdings of NXT. Jupiter Asset Management Ltd. increased its position in shares of Nextpower by 0.3% in the fourth quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock valued at $2,326,000 after buying an additional 86 shares in the last quarter. Signaturefd LLC boosted its holdings in Nextpower by 4.1% in the fourth quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock valued at $280,000 after acquiring an additional 126 shares during the last quarter. Allworth Financial LP grew its holdings in shares of Nextpower by 16.8% during the 3rd quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after purchasing an additional 141 shares during the period. EverSource Wealth Advisors LLC increased its holdings in Nextpower by 12.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after purchasing an additional 143 shares in the last quarter. Finally, Natural Investments LLC grew its position in Nextpower by 0.9% in the third quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after acquiring an additional 155 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Company Profile

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.