Nextpower (NASDAQ:NXT) Stock Gets Price Target Cut from Citigroup

Nextpower (NASDAQ:NXT) had its target price trimmed by Citigroup from $132.00 to $121.00 in a research report report published on Wednesday morning,Benzinga reports. The firm currently has a buy rating on the stock.

Other equities research analysts also recently issued reports about the company. Susquehanna reduced their price objective on Nextpower from $168.00 to $157.00 and set a “positive” rating for the company in a report on Friday, July 31st. Truist Financial upped their target price on shares of Nextpower from $140.00 to $145.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft set a $137.00 price target on shares of Nextpower in a report on Monday, August 3rd. Zacks Research cut shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Finally, Royal Bank Of Canada decreased their price objective on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, Nextpower currently has an average rating of “Moderate Buy” and a consensus price target of $142.77.

Nextpower Trading Up 1.0%

NXT stock opened at $86.11 on Wednesday. The stock has a market capitalization of $13.07 billion, a PE ratio of 22.31, a price-to-earnings-growth ratio of 2.08 and a beta of 1.94. Nextpower has a 12-month low of $76.71 and a 12-month high of $163.13. The stock’s 50 day simple moving average is $87.39 and its 200 day simple moving average is $107.80.

Nextpower (NASDAQ:NXT) last posted its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. On average, research analysts predict that Nextpower will post 3.75 earnings per share for the current year.

Insider Activity

In other news, CFO Charles Boynton sold 4,500 shares of the company’s stock in a transaction dated Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total transaction 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. This represents a 1.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 11,176 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the completion of the transaction, the president owned 419,868 shares in the company, valued at $43,993,769.04. This trade represents a 2.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 100,431 shares of company stock worth $10,039,748. Company insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Nextpower

A number of hedge funds have recently modified their holdings of NXT. Green Alpha Advisors LLC increased its stake in shares of Nextpower by 4.1% in the 3rd quarter. Green Alpha Advisors LLC now owns 24,633 shares of the company’s stock worth $1,920,000 after purchasing an additional 963 shares in the last quarter. Farther Finance Advisors LLC lifted its position in Nextpower by 11.6% during the third quarter. Farther Finance Advisors LLC now owns 7,758 shares of the company’s stock valued at $605,000 after purchasing an additional 805 shares in the last quarter. Central Pacific Bank Trust Division lifted its position in Nextpower by 104.8% during the third quarter. Central Pacific Bank Trust Division now owns 2,677 shares of the company’s stock valued at $209,000 after purchasing an additional 1,370 shares in the last quarter. Private Client Services LLC grew its holdings in Nextpower by 7.7% during the third quarter. Private Client Services LLC now owns 8,810 shares of the company’s stock valued at $687,000 after purchasing an additional 630 shares during the period. Finally, QRG Capital Management Inc. grew its holdings in Nextpower by 22.8% during the second quarter. QRG Capital Management Inc. now owns 5,515 shares of the company’s stock valued at $657,000 after purchasing an additional 1,023 shares during the period. Institutional investors own 67.41% of the company’s stock.

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.