Nextpower Inc. (NASDAQ:NXT) Given Consensus Rating of “Moderate Buy” by Brokerages

Shares of Nextpower Inc. (NASDAQ:NXT) have earned an average rating of “Moderate Buy” from the twenty-five analysts that are presently covering the company, MarketBeat Ratings reports. Seven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month price target among brokers that have covered the stock in the last year is $108.3182.

Several research analysts have issued reports on NXT shares. Bank of America boosted their target price on Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 25th. Robert W. Baird set a $126.00 price objective on Nextpower in a research report on Wednesday, January 28th. Jefferies Financial Group lowered Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $104.00 target price on shares of Nextpower in a research note on Wednesday, January 28th.

Insider Buying and Selling

In related news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. This trade represents a 7.38% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the sale, the director directly 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. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 138,073 shares of company stock valued at $13,847,023 in the last 90 days. Company insiders own 0.56% of the company’s stock.

Institutional Trading of Nextpower

Large investors have recently modified their holdings of the company. Norges Bank purchased a new position in Nextpower during the 2nd quarter worth $140,772,000. William Blair Investment Management LLC bought a new position in shares of Nextpower during the 3rd quarter worth $108,739,000. Amundi increased its stake in shares of Nextpower by 156.1% during the third quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after buying an additional 1,287,071 shares during the period. Allianz Asset Management GmbH raised its holdings in shares of Nextpower by 938.0% in the third quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after acquiring an additional 717,991 shares in the last quarter. Finally, Electron Capital Partners LLC raised its holdings in shares of Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after acquiring an additional 539,668 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Trading Up 6.6%

Nextpower stock opened at $108.13 on Tuesday. Nextpower has a 12-month low of $36.06 and a 12-month high of $131.59. The firm has a 50-day moving average price of $106.66 and a 200-day moving average price of $92.15. The firm has a market capitalization of $16.06 billion, a PE ratio of 27.65, a price-to-earnings-growth ratio of 2.98 and a beta of 2.41.

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

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.