Nextpower (NASDAQ:NXT) Share Price Crosses Above Fifty Day Moving Average on Analyst Downgrade

Nextpower Inc. (NASDAQ:NXT) shares passed above its 50 day moving average during trading on Monday after TD Cowen upgraded the stock to a hold rating. The stock has a 50 day moving average of $82.51 and traded as high as $92.98. Nextpower shares last traded at $91.13, with a volume of 5,507,775 shares trading hands.

Several other research analysts have also weighed in on the company. Barclays lifted their target price on Nextpower from $142.00 to $147.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Roth Capital restated a “buy” rating and issued a $175.00 price target on shares of Nextpower in a report on Tuesday, July 28th. Truist Financial raised their price target on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. UBS Group reiterated a “buy” rating and set a $160.00 price objective on shares of Nextpower in a report on Monday, August 3rd. Finally, Deutsche Bank Aktiengesellschaft set a $137.00 price objective on Nextpower in a report on Monday, August 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $135.23.

Insider Transactions at Nextpower

In other Nextpower news, President Howard Wenger sold 11,176 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the sale, the president directly owned 419,868 shares of the company’s stock, valued at $43,993,769.04. The trade was a 2.59% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Shugar sold 67,636 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in NXT. Kestra Advisory Services LLC grew its stake in shares of Nextpower by 6.8% in the third quarter. Kestra Advisory Services LLC now owns 4,643 shares of the company’s stock valued at $362,000 after buying an additional 295 shares in the last quarter. TFB Advisors LLC increased its holdings in Nextpower by 5.0% during the third quarter. TFB Advisors LLC now owns 3,793 shares of the company’s stock worth $296,000 after buying an additional 182 shares during the last quarter. AIA Group Ltd increased its holdings in Nextpower by 91.8% during the third quarter. AIA Group Ltd now owns 10,857 shares of the company’s stock worth $846,000 after buying an additional 5,197 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Nextpower by 2.6% during the third quarter. Oregon Public Employees Retirement Fund now owns 31,461 shares of the company’s stock worth $2,452,000 after acquiring an additional 800 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. bought a new stake in Nextpower during the third quarter worth $4,515,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Price Performance

The stock has a market capitalization of $13.83 billion, a P/E ratio of 22.95, a price-to-earnings-growth ratio of 1.98 and a beta of 1.94. The company’s 50-day simple moving average is $82.51 and its 200-day simple moving average is $106.62.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.10 by $0.21. Nextpower had a net margin of 15.98% and a return on equity of 26.13%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. On average, analysts forecast that Nextpower Inc. will post 3.84 earnings per share for the current fiscal year.

About Nextpower

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.