Glj Research Begins Coverage on Nextpower (NASDAQ:NXT)

Glj Research started coverage on shares of Nextpower (NASDAQ:NXT) in a report issued on Tuesday,Benzinga reports. The firm set a “buy” rating and a $147.33 price target on the stock. Glj Research’s price target would indicate a potential upside of 36.25% from the stock’s previous close.

Other analysts also recently issued reports about the company. Wall Street Zen downgraded Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Mizuho set a $81.00 target price on Nextpower in a research note on Friday, January 23rd. Roth Mkm reissued a “buy” rating and issued a $130.00 target price on shares of Nextpower in a report on Wednesday, January 28th. Royal Bank Of Canada increased their price target on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, November 13th. Finally, Barclays set a $115.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $110.01.

Nextpower Stock Up 6.6%

NXT opened at $108.13 on Tuesday. Nextpower has a 52 week low of $36.06 and a 52 week high of $131.59. The business’s 50 day moving average is $106.66 and its two-hundred day moving average is $92.15. The firm has a market cap of $16.06 billion, a price-to-earnings ratio of 27.65, a price-to-earnings-growth ratio of 2.98 and a beta of 2.41.

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

Insider Activity

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the sale, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 138,073 shares of company stock valued at $13,847,023 in the last three months. 0.56% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextpower

A number of large investors have recently made changes to their positions in NXT. Westfield Capital Management Co. LP grew its holdings in shares of Nextpower by 6.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after acquiring an additional 80,493 shares during the period. Belpointe Asset Management LLC purchased a new stake in Nextpower during the third quarter worth $832,000. Strs Ohio boosted its position in Nextpower by 219.8% during the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock worth $8,139,000 after purchasing an additional 75,600 shares in the last quarter. New York Life Investment Management LLC acquired a new stake in Nextpower in the third quarter valued at $1,008,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in shares of Nextpower by 31.8% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock valued at $5,364,000 after buying an additional 17,500 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.