Nextpower (NASDAQ:NXT) Downgraded by Wall Street Zen to “Buy”

Nextpower (NASDAQ:NXT) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday.

A number of other research firms have also issued reports on NXT. Deutsche Bank Aktiengesellschaft set a $99.00 price target on shares of Nextpower and gave the company a “buy” rating in a report on Friday, October 24th. Needham & Company LLC assumed coverage on shares of Nextpower in a research note on Wednesday, October 22nd. They set a “buy” rating and a $102.00 target price on the stock. Roth Mkm restated a “buy” rating and issued a $120.00 target price on shares of Nextpower in a report on Thursday, November 13th. Susquehanna raised their target price on Nextpower from $76.00 to $100.00 and gave the stock a “positive” rating in a research report on Monday, October 13th. Finally, Northland Securities set a $111.00 price target on Nextpower in a research report on Tuesday, January 6th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $99.10.

Nextpower Stock Down 0.2%

Shares of NASDAQ NXT opened at $105.00 on Friday. Nextpower has a 12 month low of $36.06 and a 12 month high of $112.74. The company has a market cap of $15.58 billion, a price-to-earnings ratio of 27.27, a P/E/G ratio of 3.63 and a beta of 2.38. The business has a fifty day simple moving average of $91.27 and a 200-day simple moving average of $80.30.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Thursday, October 23rd. The company reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.21. Nextpower had a return on equity of 35.05% and a net margin of 17.08%.The firm had revenue of $905.27 million for the quarter, compared to the consensus estimate of $839.53 million. As a group, sell-side analysts expect that Nextpower will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of Nextpower stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total transaction of $918,500.00. Following the completion of the sale, the director owned 16,777 shares of the company’s stock, valued at approximately $1,540,967.45. This trade represents a 37.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the company’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 91,468 shares of company stock worth $8,246,979. Corporate insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC grew its position in shares of Nextpower by 44.1% in the fourth quarter. Farther Finance Advisors LLC now owns 3,725 shares of the company’s stock valued at $324,000 after purchasing an additional 1,140 shares during the last quarter. Assetmark Inc. boosted its stake in Nextpower by 342,159.2% during the 4th quarter. Assetmark Inc. now owns 427,824 shares of the company’s stock valued at $37,268,000 after purchasing an additional 427,699 shares during the period. Pinnacle Wealth Management Group Inc. grew its holdings in Nextpower by 3.2% in the 4th quarter. Pinnacle Wealth Management Group Inc. now owns 6,368 shares of the company’s stock valued at $555,000 after buying an additional 200 shares during the last quarter. Legacy Bridge LLC increased its position in Nextpower by 1.5% in the 4th quarter. Legacy Bridge LLC now owns 13,470 shares of the company’s stock worth $1,173,000 after buying an additional 200 shares during the period. Finally, Baillie Gifford & Co. lifted its holdings in shares of Nextpower by 76.5% during the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after buying an additional 182 shares during the last quarter. Institutional investors own 67.41% of the company’s stock.

About Nextpower

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.