Piper Sandler Cuts Nextpower (NASDAQ:NXT) Price Target to $110.00

Nextpower (NASDAQ:NXT) had its target price reduced by Piper Sandler from $116.00 to $110.00 in a research report sent to investors on Wednesday morning, Marketbeat Ratings reports. They currently have an overweight rating on the stock.

A number of other analysts have also weighed in on the stock. Royal Bank Of Canada reduced their price objective on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Zacks Research cut Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a report on Wednesday, July 15th. Weiss Ratings lowered Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, Glj Research restated a “buy” rating and set a $149.00 price objective on shares of Nextpower in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $143.19.

Nextpower Stock Performance

NASDAQ:NXT opened at $84.30 on Wednesday. The stock’s fifty day moving average is $88.39 and its 200 day moving average is $108.92. Nextpower has a fifty-two week low of $74.91 and a fifty-two week high of $163.13. The firm has a market capitalization of $12.79 billion, a PE ratio of 21.84, a PEG ratio of 1.58 and a beta of 1.94.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The company had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Equities analysts forecast that Nextpower will post 3.76 EPS for the current year.

Insider Activity at Nextpower

In other news, Director Brandi Thomas sold 7,415 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the transaction, the director owned 7,914 shares of the company’s stock, valued at approximately $722,152.50. This represents a 48.37% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Charles D. Boynton sold 4,500 shares of Nextpower stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer owned 354,000 shares of the company’s stock, valued at $28,312,920. The trade was a 1.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,431 shares of company stock worth $10,039,748 over the last three months. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Signature Equity Partners LLC lifted its position in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares during the period. Huntington National Bank raised 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 buying an additional 317 shares in the last quarter. Continuum Advisory LLC bought a new position in Nextpower in the second quarter worth approximately $37,000. University of Texas Texas AM Investment Management Co. lifted its holdings in Nextpower by 60.3% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 625 shares of the company’s stock worth $54,000 after buying an additional 235 shares during the period. Finally, Root Financial Partners LLC lifted its holdings in Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after buying an additional 103 shares during the period. 67.41% of the stock is currently owned by institutional investors.

Nextpower Company Profile

Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.