Nextpower (NASDAQ:NXT) Upgraded to Hold at TD Cowen

TD Cowen upgraded shares of Nextpower (NASDAQ:NXT) to a hold rating in a research note released on Monday,Zacks reports.

NXT has been the topic of several other reports. BMO Capital Markets raised Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price target on the stock in a research note on Friday, July 31st. Mizuho lowered their price objective on Nextpower from $142.00 to $111.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Robert W. Baird dropped their target price on shares of Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. The Goldman Sachs Group reaffirmed a “buy” rating and issued a $168.00 target price on shares of Nextpower in a research report on Wednesday, July 1st. Finally, Guggenheim upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Wednesday, July 15th. One 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, Nextpower currently has an average rating of “Moderate Buy” and a consensus target price of $143.19.

Nextpower Price Performance

Shares of NXT opened at $82.97 on Monday. The company has a 50-day simple moving average of $87.98 and a two-hundred day simple moving average of $108.58. The firm has a market capitalization of $12.59 billion, a PE ratio of 21.49, a price-to-earnings-growth ratio of 1.67 and a beta of 1.94. Nextpower has a one year low of $76.19 and a one year high of $163.13.

Nextpower (NASDAQ:NXT) last posted its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share 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 firm had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. Analysts expect that Nextpower will post 3.76 EPS for the current fiscal year.

Insider Activity at Nextpower

In related news, President Howard Wenger sold 11,176 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the transaction, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. The trade was a 2.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Shugar sold 67,636 shares of the company’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the transaction, the chief executive officer directly owned 871,131 shares in the company, valued at $89,787,472.17. This trade represents a 7.20% 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 have sold 100,431 shares of company stock valued at $10,039,748 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Fundsmith LLP bought a new stake in Nextpower during the second quarter valued at about $340,275,000. Janus Henderson Group PLC boosted its position in shares of Nextpower by 134.3% in the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after purchasing an additional 780,958 shares during the period. Lord Abbett & CO. LLC boosted its position in shares of Nextpower by 142.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company’s stock worth $73,879,000 after purchasing an additional 498,110 shares during the period. Assetmark Inc. increased its stake in shares of Nextpower by 96.6% in the first quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock worth $101,378,000 after purchasing an additional 413,142 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in shares of Nextpower by 47.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 1,288,280 shares of the company’s stock worth $112,222,000 after purchasing an additional 412,816 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

About Nextpower

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.