Nextpower (NASDAQ:NXT) Stock Gets Price Target Cut from JPMorgan Chase & Co.

Nextpower (NASDAQ:NXT) had its target price cut by JPMorgan Chase & Co. from $152.00 to $136.00 in a report issued on Monday morning,Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also recently issued reports about the stock. Deutsche Bank Aktiengesellschaft set a $137.00 price target on shares of Nextpower in a report on Monday, August 3rd. Robert W. Baird dropped their price objective on shares of Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. The Goldman Sachs Group reiterated a “buy” rating and set a $168.00 price objective on shares of Nextpower in a report on Wednesday, July 1st. Susquehanna cut their price objective on shares of Nextpower from $157.00 to $150.00 and set a “positive” rating on the stock in a research report on Wednesday, October 14th. Finally, Royal Bank Of Canada reduced their target price on Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $139.77.

Nextpower Stock Up 3.5%

Shares of NXT stock opened at $81.77 on Monday. The company has a market cap of $12.41 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 1.90 and a beta of 1.94. Nextpower has a 52 week low of $76.71 and a 52 week high of $163.13. The firm has a 50 day moving average of $84.56 and a 200-day moving average of $105.61.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $935.39 million. Analysts anticipate that Nextpower will post 3.80 earnings per share for the current year.

Insider Buying and Selling

In other Nextpower news, Director Brandi Thomas sold 7,415 shares of the business’s stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total transaction of $676,618.75. Following the completion of the sale, the director owned 7,914 shares in the company, valued at approximately $722,152.50. The trade was a 48.37% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Daniel S. Shugar sold 67,636 shares of the business’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the sale, the chief executive officer owned 871,131 shares of the company’s stock, valued at $89,787,472.17. This trade represents a 7.20% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,431 shares of company stock worth $10,039,748 over the last quarter. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NXT. Root Financial Partners LLC grew its holdings in shares of Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock valued at $54,000 after buying an additional 103 shares during the last quarter. Signature Equity Partners LLC increased its position in shares of Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Nextpower by 2.0% during the first quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock worth $719,000 after acquiring an additional 119 shares in the last quarter. Evexia Wealth LLC increased its position in shares of Nextpower by 2.2% during the first quarter. Evexia Wealth LLC now owns 6,620 shares of the company’s stock worth $738,000 after acquiring an additional 143 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC raised its holdings in shares of Nextpower by 4.8% in the 1st quarter. Fifth Third Wealth Advisors LLC now owns 3,810 shares of the company’s stock worth $459,000 after acquiring an additional 173 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower News Roundup

Here are the key news stories impacting Nextpower this week:

• Positive Sentiment: Citigroup lowered its price target from $121 to $111 but maintained a Buy rating. The revised target still implies approximately 35.7% upside from the referenced share price, suggesting Citi believes the recent weakness may be overdone. Citigroup lowers Nextpower price target while maintaining Buy rating
• Positive Sentiment: Analyst estimates compiled by American Banking News show an average price target of $140.85, substantially above the current trading level. This indicates considerable potential upside if the company meets earnings expectations and maintains its growth outlook. Nextpower average analyst price target
• Neutral Sentiment: Nextpower is scheduled to report quarterly results on Wednesday. The report is likely to be the key near-term catalyst, with investors focused on revenue growth, margins and management’s outlook. Nextpower upcoming quarterly earnings
• Negative Sentiment: Zacks expects Nextpower’s upcoming second-quarter earnings to decline and says the company lacks the typical indicators associated with a likely earnings beat. That forecast could weigh on the stock ahead of the report. Zacks Nextpower earnings preview
• Negative Sentiment: JPMorgan has lowered its expectations for Nextpower’s stock price, adding to the cautious analyst tone surrounding the company before earnings. JPMorgan lowers Nextpower stock expectations

About Nextpower

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.