Nextpower (NASDAQ:NXT) Given New $123.00 Price Target at Barclays

Nextpower (NASDAQ:NXT) had its price target lifted by Barclays from $115.00 to $123.00 in a research report released on Tuesday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other equities analysts also recently issued reports on NXT. Roth Mkm reissued a “buy” rating and set a $130.00 price target on shares of Nextpower in a research report on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $119.00 price target on shares of Nextpower in a research report on Thursday, January 29th. BMO Capital Markets reaffirmed a “market perform” rating and set a $104.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Robert W. Baird set a $126.00 price objective on Nextpower in a research report on Wednesday, January 28th. Finally, TD Cowen raised their price objective on Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $111.84.

Nextpower Trading Up 1.0%

NXT opened at $109.18 on Tuesday. Nextpower has a 12-month low of $36.06 and a 12-month high of $131.72. The business’s fifty day simple moving average is $115.73 and its 200-day simple moving average is $99.44. The company has a market capitalization of $16.21 billion, a price-to-earnings ratio of 27.92, a PEG ratio of 2.57 and a beta of 2.02.

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

Insider Activity

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the firm’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 completion of the sale, the director owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of the firm’s stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the sale, the chief executive officer directly owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 104,348 shares of company stock valued at $10,876,525. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Rockefeller Capital Management L.P. raised its stake in shares of Nextpower by 451.0% in the fourth quarter. Rockefeller Capital Management L.P. now owns 9,274 shares of the company’s stock worth $808,000 after purchasing an additional 7,591 shares during the last quarter. Osbon Capital Management LLC purchased a new position in shares of Nextpower in the fourth quarter worth about $394,000. Corient Private Wealth LLC raised its stake in shares of Nextpower by 35.5% in the fourth quarter. Corient Private Wealth LLC now owns 14,692 shares of the company’s stock worth $1,280,000 after purchasing an additional 3,852 shares during the last quarter. Rehmann Capital Advisory Group purchased a new position in shares of Nextpower in the fourth quarter worth about $233,000. Finally, Pacer Advisors Inc. raised its stake in shares of Nextpower by 10.1% in the fourth quarter. Pacer Advisors Inc. now owns 21,717 shares of the company’s stock worth $1,892,000 after purchasing an additional 1,997 shares during the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.