Nextpower (NASDAQ:NXT) Reaches New 12-Month High – Time to Buy?

Shares of Nextpower Inc. (NASDAQ:NXT) hit a new 52-week high during trading on Monday . The stock traded as high as $133.19 and last traded at $133.0980, with a volume of 1249974 shares. The stock had previously closed at $125.91.

Analyst Ratings Changes

A number of research firms recently weighed in on NXT. UBS Group increased their price objective on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. BMO Capital Markets restated a “market perform” rating and set a $104.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. KeyCorp restated an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. Barclays lifted their price objective on Nextpower from $115.00 to $123.00 and gave the company an “overweight” rating in a research note on Tuesday, April 7th. Finally, Roth Mkm reiterated a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $117.79.

Nextpower Trading Up 0.3%

The company has a market capitalization of $18.75 billion, a price-to-earnings ratio of 32.29, a price-to-earnings-growth ratio of 5.99 and a beta of 1.60. The stock’s fifty day simple moving average is $114.71 and its 200-day simple moving average is $104.61.

Insider Activity

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the transaction, the chief executive officer directly owned 746,339 shares in the company, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Several large investors have recently bought and sold shares of NXT. Smartleaf Asset Management LLC grew its position in shares of Nextpower by 107.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. raised its holdings in Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares in the last quarter. Huntington National Bank lifted its stake in Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after acquiring an additional 317 shares during the last quarter. Foster Dykema Cabot & Partners LLC acquired a new position in Nextpower during the 3rd quarter worth approximately $36,000. Finally, Baillie Gifford & Co. increased 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 last quarter. Hedge funds and other institutional investors 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.