Brokerages Set Nextpower Inc. (NASDAQ:NXT) Price Target at $108.32

Shares of Nextpower Inc. (NASDAQ:NXT) have received an average recommendation of “Moderate Buy” from the twenty-five ratings firms that are covering the stock, MarketBeat reports. Seven research analysts have rated the stock with a hold recommendation, seventeen have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $108.3182.

A number of research firms have issued reports on NXT. Robert W. Baird set a $126.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. Jefferies Financial Group lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Sunday, February 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $104.00 target price on shares of Nextpower in a report on Wednesday, January 28th. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Finally, Bank of America increased their target price on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd.

Nextpower Stock Down 6.8%

NASDAQ:NXT opened at $116.05 on Friday. Nextpower has a 12-month low of $36.06 and a 12-month high of $131.59. The firm has a market capitalization of $17.23 billion, a PE ratio of 29.68, a price-to-earnings-growth ratio of 3.66 and a beta of 2.35. The firm has a 50-day moving average price of $101.94 and a 200 day moving average price of $87.50.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. The firm had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. On average, research analysts expect that Nextpower will post 3.29 EPS for the current year.

Insider Buying and Selling

In other news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This represents a 20.48% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Several institutional investors and hedge funds have recently made changes to their positions in NXT. Vanguard Group Inc. lifted its holdings in Nextpower by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock worth $1,048,279,000 after purchasing an additional 283,981 shares during the last quarter. Primecap Management Co. CA grew its stake in shares of Nextpower by 1.1% in the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after acquiring an additional 83,227 shares in the last quarter. State Street Corp raised its stake in Nextpower by 0.6% in the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after purchasing an additional 31,689 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Nextpower by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock valued at $350,385,000 after purchasing an additional 236,593 shares during the period. Finally, Encompass Capital Advisors LLC grew its position in shares of Nextpower by 11.0% during the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

About Nextpower

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.