Bank of America Issues Positive Forecast for Nextpower (NASDAQ:NXT) Stock Price

Nextpower (NASDAQ:NXT) had its price objective upped by Bank of America from $102.00 to $108.00 in a report published on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

NXT has been the topic of a number of other research reports. JPMorgan Chase & Co. upped their price target on Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a report on Friday, October 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Wells Fargo & Company lifted their price target on Nextpower from $72.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Royal Bank Of Canada boosted their price objective on shares of Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, November 13th. Finally, Barclays increased their price objective on shares of Nextpower from $105.00 to $108.00 and gave the company an “overweight” rating in a research note on Wednesday, January 14th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $98.86.

Nextpower Stock Up 4.8%

Shares of NASDAQ NXT opened at $105.18 on Thursday. The stock has a market capitalization of $15.61 billion, a price-to-earnings ratio of 27.32, a price-to-earnings-growth ratio of 3.47 and a beta of 2.38. Nextpower has a 52 week low of $36.06 and a 52 week high of $112.74. The firm has a 50-day moving average price of $91.05 and a 200 day moving average price of $79.92.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, October 23rd. The company reported $1.19 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.21. Nextpower had a net margin of 17.08% and a return on equity of 35.05%. The company had revenue of $905.27 million for the quarter, compared to analyst estimates of $839.53 million. Equities research analysts expect that Nextpower will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Daniel S. Shugar sold 47,743 shares of the company’s stock in a transaction that occurred on Monday, November 17th. The shares were sold at an average price of $91.28, for a total transaction of $4,357,981.04. Following the transaction, the chief executive officer owned 624,882 shares of the company’s stock, valued at approximately $57,039,228.96. This represents a 7.10% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 91,468 shares of company stock valued at $8,246,979 in the last ninety days. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Several hedge funds have recently modified their holdings of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after purchasing an additional 71,842 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Nextpower by 25.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 13,936 shares of the company’s stock worth $758,000 after buying an additional 2,821 shares during the period. Farther Finance Advisors LLC grew its stake in shares of Nextpower by 53.6% in the second quarter. Farther Finance Advisors LLC now owns 2,387 shares of the company’s stock valued at $130,000 after buying an additional 833 shares in the last quarter. Park Avenue Securities LLC purchased a new stake in shares of Nextpower during the 2nd quarter valued at about $243,000. Finally, GAMMA Investing LLC raised its holdings in shares of Nextpower by 32.1% during the 2nd quarter. GAMMA Investing LLC now owns 3,615 shares of the company’s stock valued at $197,000 after buying an additional 879 shares during the period. 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.