Nextpower (NASDAQ:NXT) Stock Price Down 4.9% – Here’s What Happened

Shares of Nextpower Inc. (NASDAQ:NXT) were down 4.9% during mid-day trading on Thursday . The company traded as low as $112.76 and last traded at $114.4880. Approximately 737,860 shares changed hands during mid-day trading, a decline of 63% from the average daily volume of 1,985,272 shares. The stock had previously closed at $120.38.

Wall Street Analyst Weigh In

NXT has been the topic of a number of analyst reports. Bank of America increased their price objective on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Wall Street Zen cut shares of Nextpower from a “strong-buy” rating to a “buy” rating in a research report on Sunday, January 25th. Barclays set a $115.00 price target on Nextpower in a report on Thursday, January 29th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a research report on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, Nextpower has a consensus rating of “Moderate Buy” and a consensus price target of $111.49.

Nextpower Price Performance

The stock has a market cap of $16.85 billion, a P/E ratio of 29.02, a PEG ratio of 2.86 and a beta of 2.01. The company has a fifty day moving average of $115.33 and a 200 day moving average of $98.06.

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

Insider Activity

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the transaction, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at $78,492,472.63. The trade was 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 available at the SEC website. Also, Director William D. Watkins sold 5,000 shares of the business’s 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 owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 104,348 shares of company stock valued at $10,876,525 in the last ninety days. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Nextpower

A number of large investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its holdings in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after buying an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. grew its holdings in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 223 shares during the last quarter. Huntington National Bank raised its position in shares of Nextpower by 480.3% during the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after purchasing an additional 317 shares during the period. Foster Dykema Cabot & Partners LLC purchased a new stake in shares of Nextpower during the third quarter valued at $36,000. Finally, Baillie Gifford & Co. boosted its position in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after purchasing an additional 182 shares during the period. 67.41% of the stock is currently owned by institutional investors.

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.