Nextpower (NASDAQ:NXT) CEO Daniel Shugar Sells 59,456 Shares

Nextpower Inc. (NASDAQ:NXT) CEO Daniel Shugar sold 59,456 shares of the stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer owned 746,339 shares of the company’s stock, 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 Securities & Exchange Commission, which can be accessed through the SEC website.

Nextpower Stock Up 6.6%

NASDAQ:NXT opened at $108.13 on Tuesday. The firm has a market cap 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 Inc. has a 12 month low of $36.06 and a 12 month high of $131.59. The company’s 50-day moving average price is $106.66 and its two-hundred day moving average price is $92.15.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping 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 during the quarter, compared to analyst estimates of $812.43 million. On average, research analysts expect that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

NXT has been the subject of several research analyst reports. KeyCorp upgraded Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price objective for the company in a research report on Wednesday, January 28th. Wall Street Zen lowered Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $119.00 price target on shares of Nextpower in a report on Thursday, January 29th. TD Cowen upped their price target on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. Finally, Roth Mkm reissued a “buy” rating and set a $130.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Institutional Investors Weigh In On Nextpower

Hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its position in shares of 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 acquiring an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares during the last quarter. Huntington National Bank boosted its holdings 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 last quarter. Baillie Gifford & Co. increased its position in Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after purchasing an additional 182 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new stake in Nextpower during the 4th quarter worth about $39,000. 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.