Nextpower (NASDAQ:NXT) Given New $138.00 Price Target at Jefferies Financial Group

Nextpower (NASDAQ:NXT) had its target price boosted by Jefferies Financial Group from $122.00 to $138.00 in a research note published on Tuesday morning,Benzinga reports. They currently have a buy rating on the stock.

Other equities research analysts have also issued research reports about the company. Mizuho set a $81.00 price target on Nextpower in a research note on Friday, January 23rd. BMO Capital Markets reaffirmed a “market perform” rating and issued a $104.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. Bank of America increased their target price on Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Robert W. Baird set a $126.00 target price on Nextpower in a research note on Wednesday, January 28th. Finally, Needham & Company LLC upped their price target on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $111.49.

Nextpower Trading Up 3.2%

Nextpower stock opened at $121.84 on Tuesday. Nextpower has a 12-month low of $36.06 and a 12-month high of $131.59. The firm has a market capitalization of $18.09 billion, a price-to-earnings ratio of 31.16, a P/E/G ratio of 2.81 and a beta of 2.41. The firm has a 50 day moving average of $110.07 and a 200 day moving average of $94.25.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. On average, analysts predict that Nextpower will post 3.29 EPS for the current year.

Insider Activity

In related news, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction dated Friday, January 30th. The stock was 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 approximately $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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the transaction, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 104,348 shares of company stock valued at $10,876,525 in the last three months. Insiders own 0.56% of the company’s stock.

Institutional Trading of Nextpower

Hedge funds have recently modified their holdings of the company. Westfield Capital Management Co. LP lifted its holdings in shares of Nextpower by 6.1% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock valued at $103,442,000 after acquiring an additional 80,493 shares during the last quarter. Belpointe Asset Management LLC purchased a new position in Nextpower in the third quarter worth about $832,000. Strs Ohio increased its stake in Nextpower by 219.8% during the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock worth $8,139,000 after acquiring an additional 75,600 shares during the last quarter. New York Life Investment Management LLC bought a new stake in Nextpower during the third quarter worth approximately $1,008,000. Finally, Allianz Asset Management GmbH raised its position in Nextpower by 938.0% during the third quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after purchasing an additional 717,991 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.