Cantor Fitzgerald Forecasts Strong Price Appreciation for Nextpower (NASDAQ:NXT) Stock

Nextpower (NASDAQ:NXT) had its price objective increased by stock analysts at Cantor Fitzgerald from $55.00 to $125.00 in a research note issued on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s price objective would indicate a potential upside of 19.16% from the stock’s previous close.

A number of other equities research analysts have also weighed in on NXT. TD Cowen raised Nextpower to a “hold” rating in a research note on Monday, October 5th. Piper Sandler decreased their price target on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. Robert W. Baird lowered their price objective on Nextpower from $156.00 to $116.00 and set an “outperform” rating for the company in a research report on Tuesday, September 22nd. Barclays dropped their price objective on Nextpower from $147.00 to $146.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. Finally, Guggenheim upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Wednesday, July 15th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, Nextpower currently has a consensus rating of “Moderate Buy” and an average price target of $135.19.

Nextpower Trading Up 5.3%

Shares of NXT traded up $5.32 during mid-day trading on Thursday, reaching $104.90. The company’s stock had a trading volume of 3,625,796 shares, compared to its average volume of 2,482,400. Nextpower has a 52 week low of $75.40 and a 52 week high of $163.13. The stock has a market cap of $15.92 billion, a PE ratio of 26.42, a P/E/G ratio of 1.90 and a beta of 1.93. The company’s fifty day moving average price is $83.73 and its two-hundred day moving average price is $106.73.

Nextpower (NASDAQ:NXT) last released its earnings results on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.10 by $0.21. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. Research analysts anticipate that Nextpower will post 4.01 EPS for the current year.

Insider Transactions at Nextpower

In other news, President Howard Wenger sold 11,176 shares of Nextpower stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the sale, the president directly owned 419,868 shares in the company, valued at approximately $43,993,769.04. This trade represents a 2.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles Boynton sold 4,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total value of $359,910.00. Following the transaction, the chief financial officer directly owned 354,000 shares in the company, valued at $28,312,920. This trade represents a 1.26% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 98,142 shares of company stock worth $9,817,212. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

Several large investors have recently added to or reduced their stakes in the stock. Signature Equity Partners LLC boosted its stake in shares of Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Nextpower by 2.0% in the first quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock worth $719,000 after buying an additional 119 shares in the last quarter. Sigma Planning Corp raised its stake in Nextpower by 4.9% in the third quarter. Sigma Planning Corp now owns 3,779 shares of the company’s stock worth $294,000 after buying an additional 175 shares in the last quarter. TFB Advisors LLC raised its stake in Nextpower by 5.0% in 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 in the last quarter. Finally, North Dakota State Investment Board lifted its holdings in Nextpower by 4.7% in the third quarter. North Dakota State Investment Board now owns 4,565 shares of the company’s stock worth $356,000 after buying an additional 203 shares during the period. Institutional investors own 67.41% of the company’s stock.

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.