Nextpower Inc. (NASDAQ:NXT) Receives $98.57 Consensus Target Price from Analysts

Nextpower Inc. (NASDAQ:NXT) has earned a consensus recommendation of “Moderate Buy” from the twenty-five ratings firms that are covering the stock, Marketbeat.com reports. Seven research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $98.5714.

Several research firms have recently commented on NXT. The Goldman Sachs Group boosted their price target on shares of Nextpower from $89.00 to $125.00 and gave the company a “buy” rating in a report on Monday, October 27th. Guggenheim set a $74.00 price target on Nextpower in a report on Wednesday, October 22nd. Deutsche Bank Aktiengesellschaft set a $99.00 price objective on Nextpower and gave the company a “buy” rating in a report on Friday, October 24th. TD Cowen reissued a “hold” rating on shares of Nextpower in a report on Friday, October 24th. Finally, UBS Group increased their target price on Nextpower to $125.00 and gave the stock a “buy” rating in a report on Wednesday, October 29th.

Insider Activity

In related news, CAO David P. Bennett sold 33,725 shares of the stock in a transaction that occurred 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 directly owned 130,967 shares in the company, valued at $11,535,573.36. This represents a 20.48% 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, CEO Daniel S. Shugar sold 47,743 shares of the firm’s stock in a transaction on Monday, November 17th. The stock was sold at an average price of $91.28, for a total value of $4,357,981.04. Following the completion of the transaction, 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. In the last ninety days, insiders sold 91,468 shares of company stock valued at $8,246,979. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Several institutional investors and hedge funds have recently modified their holdings of NXT. Foster Dykema Cabot & Partners LLC acquired a new stake in Nextpower during the 3rd quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. raised its holdings in shares of Nextpower by 511.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares during the period. BOKF NA raised its holdings in shares of Nextpower by 1,135.7% during the third quarter. BOKF NA now owns 519 shares of the company’s stock worth $38,000 after acquiring an additional 477 shares during the period. Cullen Frost Bankers Inc. lifted its position in Nextpower by 122.3% in 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. Finally, Hantz Financial Services Inc. boosted its stake in Nextpower by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after purchasing an additional 782 shares during the period. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Stock Up 4.2%

Shares of NASDAQ NXT opened at $100.32 on Monday. Nextpower has a 12 month low of $36.06 and a 12 month high of $112.74. The business has a fifty day simple moving average of $90.71 and a 200-day simple moving average of $79.75. The company has a market cap of $14.89 billion, a price-to-earnings ratio of 26.06, a P/E/G ratio of 3.33 and a beta of 2.38.

Nextpower (NASDAQ:NXT) last released 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 business had revenue of $905.27 million for the quarter, compared to the consensus estimate of $839.53 million. As a group, sell-side analysts expect that Nextpower will post 3.29 EPS 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.