Nextpower (NASDAQ:NXT) Cut to Hold at Jefferies Financial Group

Jefferies Financial Group cut shares of Nextpower (NASDAQ:NXT) from a strong-buy rating to a hold rating in a research report report published on Sunday morning,Zacks.com reports.

NXT has been the topic of a number of other research reports. BMO Capital Markets reiterated a “market perform” rating and issued a $104.00 price target on shares of Nextpower in a report on Wednesday, January 28th. UBS Group upped their price objective on Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. Citigroup upgraded Nextpower from a “neutral” rating to a “buy” rating and lifted their target price for the company from $66.00 to $114.00 in a report on Tuesday, October 21st. JPMorgan Chase & Co. boosted their price target on Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a research report on Friday, October 24th. Finally, Mizuho set a $81.00 price objective on Nextpower in a report on Friday, January 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $108.32.

Nextpower Trading Down 3.2%

Shares of NASDAQ:NXT opened at $117.94 on Friday. The firm has a market cap of $17.51 billion, a price-to-earnings ratio of 30.16, a PEG ratio of 3.58 and a beta of 2.35. The stock’s 50-day moving average price is $97.92 and its two-hundred day moving average price is $85.03. Nextpower has a 12-month low of $36.06 and a 12-month high of $131.59.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The company had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. As a group, research analysts forecast that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 47,743 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $91.28, for a total value of $4,357,981.04. Following the completion of the transaction, the chief executive officer owned 624,882 shares in the company, valued at $57,039,228.96. This represents a 7.10% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director William D. Watkins sold 5,000 shares of the stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the sale, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 96,468 shares of company stock valued at $8,839,829 over the last quarter. Company insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Bryce Point Capital LLC purchased a new position in Nextpower in the 2nd quarter valued at about $998,000. Ethic Inc. increased its position in shares of Nextpower by 65.1% during the second quarter. Ethic Inc. now owns 8,469 shares of the company’s stock worth $494,000 after acquiring an additional 3,339 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in shares of Nextpower by 3.2% in the second quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock worth $61,900,000 after acquiring an additional 35,642 shares in the last quarter. Belpointe Asset Management LLC purchased a new position in Nextpower in the third quarter valued at about $832,000. Finally, Strs Ohio boosted its holdings in Nextpower by 219.8% in the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.