Nextpower Inc. (NASDAQ:NXT) Receives Average Recommendation of “Moderate Buy” from Brokerages

Nextpower Inc. (NASDAQ:NXT) has received a consensus rating of “Moderate Buy” from the twenty-six research firms that are covering the firm, MarketBeat reports. Seven analysts have rated the stock with a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. The average 12 month price target among analysts that have issued ratings on the stock in the last year is $110.0143.

NXT has been the topic of a number of recent research reports. Robert W. Baird set a $126.00 target price on shares of Nextpower in a report on Wednesday, January 28th. Wall Street Zen lowered Nextpower from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 25th. Needham & Company LLC increased their price target on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Bank of America raised their price target on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Finally, Northland Securities set a $111.00 price objective on Nextpower in a research report on Tuesday, January 6th.

Insiders Place Their Bets

In other news, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the transaction, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director William D. Watkins sold 5,000 shares of the stock in a transaction dated 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 sale, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 104,348 shares of company stock worth $10,876,525 over the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Corient Private Wealth LLC boosted its position in shares of Nextpower by 35.5% during the fourth quarter. Corient Private Wealth LLC now owns 14,692 shares of the company’s stock worth $1,280,000 after buying an additional 3,852 shares during the period. Rehmann Capital Advisory Group bought a new position in Nextpower in the 4th quarter worth approximately $233,000. Pacer Advisors Inc. increased its position in Nextpower by 10.1% in the 4th quarter. Pacer Advisors Inc. now owns 21,717 shares of the company’s stock valued at $1,892,000 after acquiring an additional 1,997 shares during the period. Mcguire Capital Advisors Inc. acquired a new stake in Nextpower in the 4th quarter valued at approximately $230,000. Finally, Compound Planning Inc. bought a new stake in Nextpower during the 4th quarter valued at $255,000. Institutional investors own 67.41% of the company’s stock.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $119.64 on Tuesday. The company’s fifty day moving average is $108.90 and its two-hundred day moving average is $93.33. Nextpower has a 1-year low of $36.06 and a 1-year high of $131.59. The stock has a market capitalization of $17.76 billion, a price-to-earnings ratio of 30.60, a price-to-earnings-growth ratio of 2.84 and a beta of 2.41.

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

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.