Nextpower Inc. (NASDAQ:NXT) Short Interest Down 13.5% in January

Nextpower Inc. (NASDAQ:NXT) was the target of a large decline in short interest in January. As of January 30th, there was short interest totaling 6,415,959 shares, a decline of 13.5% from the January 15th total of 7,415,091 shares. Based on an average daily volume of 2,820,591 shares, the days-to-cover ratio is currently 2.3 days. Currently, 4.3% of the shares of the stock are short sold. Currently, 4.3% of the shares of the stock are short sold. Based on an average daily volume of 2,820,591 shares, the days-to-cover ratio is currently 2.3 days.

Insider Activity at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the stock in a transaction on 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 transaction, the director owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the transaction, the chief accounting officer owned 130,967 shares in the company, valued at $11,535,573.36. This represents a 20.48% decrease in their position. The SEC filing for this sale provides additional information. 0.56% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Nextpower

Large investors have recently bought and sold shares of the stock. Smartleaf Asset Management LLC boosted its stake in Nextpower by 107.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after acquiring an additional 223 shares during the period. Cullen Frost Bankers Inc. boosted its position in shares of Nextpower by 122.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after acquiring an additional 324 shares in the last quarter. Huntington National Bank increased its stake in Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after acquiring an additional 317 shares during the period. Finally, Foster Dykema Cabot & Partners LLC acquired a new position in Nextpower in the third quarter worth about $36,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Trading Up 1.5%

NASDAQ NXT opened at $124.49 on Thursday. Nextpower has a 1 year low of $36.06 and a 1 year high of $131.59. The company has a fifty day simple moving average of $101.48 and a 200 day simple moving average of $87.30. The company has a market cap of $18.48 billion, a P/E ratio of 31.84, a P/E/G ratio of 3.61 and a beta of 2.35.

Nextpower (NASDAQ:NXT) last released its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. Equities research analysts forecast that Nextpower will post 3.29 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the stock. Robert W. Baird set a $126.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. KeyCorp raised Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price on the stock in a research report on Wednesday, January 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. The Goldman Sachs Group boosted their price target on Nextpower from $89.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, October 27th. Finally, 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. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

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.