Nextpower Inc. (NASDAQ:NXT) Stock Rated “Moderate Buy” by Wall Street Brokerages

Nextpower Inc. (NASDAQ:NXT) has been assigned an average rating of “Moderate Buy” from the twenty-eight brokerages that are currently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokerages that have covered the stock in the last year is $143.19.

Several research analysts have weighed in on the company. TD Cowen reduced their target price on Nextpower from $135.00 to $118.00 and set a “hold” rating on the stock in a report on Monday, July 20th. Susquehanna lowered their price target on Nextpower from $168.00 to $157.00 and set a “positive” rating for the company in a report on Friday, July 31st. Barclays raised their price target on Nextpower from $142.00 to $147.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. Piper Sandler cut their price objective on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, UBS Group reissued a “buy” rating and set a $160.00 target price on shares of Nextpower in a research note on Monday, August 3rd.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $77.93 on Friday. The company has a 50 day moving average price of $89.21 and a two-hundred day moving average price of $109.37. The company has a market capitalization of $11.82 billion, a PE ratio of 20.19, a PEG ratio of 1.57 and a beta of 1.92. Nextpower has a 52 week low of $73.07 and a 52 week high of $163.13.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million for the quarter, compared to analysts’ expectations of $935.39 million. On average, sell-side analysts forecast that Nextpower will post 3.76 earnings per share for the current year.

Insider Transactions at Nextpower

In other Nextpower news, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction dated Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total value of $676,618.75. Following the sale, the director owned 7,914 shares of the company’s stock, valued at $722,152.50. This trade represents a 48.37% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Charles Boynton sold 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer owned 354,000 shares in the company, valued at $28,312,920. The trade was a 1.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextpower

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. Geode Capital Management LLC increased its holdings in Nextpower by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock worth $350,385,000 after buying an additional 236,593 shares during the last quarter. Fundsmith LLP acquired a new stake in Nextpower during the 2nd quarter worth approximately $340,275,000. Norges Bank acquired a new stake in shares of Nextpower during the fourth quarter worth $170,918,000. Bank of America Corp DE boosted its holdings in Nextpower by 34.6% in the 1st quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock valued at $189,051,000 after purchasing an additional 402,770 shares during the period. Finally, Janus Henderson Group PLC boosted its stake in shares of Nextpower by 134.3% in the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock valued at $164,488,000 after buying an additional 780,958 shares during the period. Institutional investors own 67.41% of the company’s stock.

About Nextpower

Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.