Nextpower (NASDAQ:NXT) Director William Watkins Sells 5,000 Shares of Stock

Nextpower Inc. (NASDAQ:NXT) Director William Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link.

Nextpower Price Performance

Nextpower stock opened at $115.60 on Tuesday. The business has a 50 day simple moving average of $94.42 and a 200 day simple moving average of $82.65. The company has a market capitalization of $17.15 billion, a PE ratio of 29.57, a price-to-earnings-growth ratio of 3.45 and a beta of 2.34. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million for the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Equities analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Nextpower

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. Highland Capital Management LLC bought a new position in Nextpower in the fourth quarter valued at about $218,000. Triasima Portfolio Management inc. bought a new position in shares of Nextpower in the 4th quarter valued at about $2,996,000. Truist Financial Corp grew its position in shares of Nextpower by 16.6% during the 4th quarter. Truist Financial Corp now owns 5,248 shares of the company’s stock worth $457,000 after buying an additional 746 shares during the period. Reynders McVeigh Capital Management LLC raised its stake in shares of Nextpower by 10.9% during the fourth quarter. Reynders McVeigh Capital Management LLC now owns 129,867 shares of the company’s stock worth $11,313,000 after buying an additional 12,800 shares during the last quarter. Finally, Hussman Strategic Advisors Inc. lifted its holdings in Nextpower by 40.0% in the fourth quarter. Hussman Strategic Advisors Inc. now owns 29,400 shares of the company’s stock valued at $2,561,000 after buying an additional 8,400 shares during the period. Institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. Mizuho set a $81.00 price objective on shares of Nextpower in a research note on Friday, January 23rd. UBS Group boosted their target price on Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Bank of America raised their price target on Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $119.00 price objective on shares of Nextpower in a research report on Thursday. Finally, Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 25th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $108.32.

Nextpower Company Profile

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.