Nextpower Inc. (NASDAQ:NXT) Receives Consensus Rating of “Moderate Buy” from Analysts

Nextpower Inc. (NASDAQ:NXT) has been given an average recommendation of “Moderate Buy” by the twenty-five ratings firms that are covering the stock, MarketBeat reports. Seven analysts have rated the stock with a hold recommendation, seventeen have issued a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have issued ratings on the stock in the last year is $108.3182.

Several research analysts have recently issued reports on NXT shares. The Goldman Sachs Group raised their target price on shares of Nextpower from $89.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Needham & Company LLC increased their price objective on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. Citigroup raised shares of Nextpower from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $66.00 to $114.00 in a report on Tuesday, October 21st. BMO Capital Markets reiterated a “market perform” rating and set a $104.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. Finally, Robert W. Baird set a $126.00 price target on Nextpower in a research report on Wednesday, January 28th.

Nextpower Stock Down 4.7%

NXT stock opened at $114.24 on Friday. Nextpower has a twelve month low of $36.06 and a twelve month high of $131.59. The company has a market cap of $16.96 billion, a P/E ratio of 29.22, a PEG ratio of 3.53 and a beta of 2.35. The business has a fifty day moving average of $99.05 and a 200-day moving average of $85.47.

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, beating the consensus estimate of $0.93 by $0.17. The business 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%. As a group, equities research analysts anticipate that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction dated 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 completion of the transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Daniel S. Shugar sold 47,743 shares of the 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 completion of the sale, 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 96,468 shares of company stock worth $8,839,829. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Institutional investors and hedge funds have recently made changes to their positions in the company. Norges Bank acquired a new stake in Nextpower during the 2nd quarter worth $140,772,000. William Blair Investment Management LLC acquired a new stake in shares of Nextpower during the third quarter worth about $108,739,000. Amundi raised its position in shares of Nextpower by 156.1% during the third quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after purchasing an additional 1,287,071 shares during the period. Allianz Asset Management GmbH lifted its holdings in shares of Nextpower by 938.0% during the 3rd 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 in the last quarter. Finally, Electron Capital Partners LLC grew its position in shares of Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after purchasing an additional 539,668 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.