Nextpower (NASDAQ:NXT) Shares Gap Up After Analyst Upgrade

Nextpower Inc. (NASDAQ:NXT)’s share price gapped up before the market opened on Thursday after Bank of America raised their price target on the stock from $102.00 to $108.00. The stock had previously closed at $100.32, but opened at $105.58. Bank of America currently has a buy rating on the stock. Nextpower shares last traded at $105.02, with a volume of 351,316 shares.

Other research analysts have also recently issued research reports about the stock. Susquehanna raised their target price on shares of Nextpower from $76.00 to $100.00 and gave the stock a “positive” rating in a report on Monday, October 13th. UBS Group upped their price objective on shares of Nextpower to $125.00 and gave the company a “buy” rating in a research note on Wednesday, October 29th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Royal Bank Of Canada lifted their price target on shares of Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Finally, The Goldman Sachs Group raised their price objective on Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $98.86.

Insider Transactions at Nextpower

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of the firm’s 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 sale, the chief accounting officer owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William D. Watkins sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total value of $918,500.00. Following the transaction, the director directly owned 16,777 shares in the company, valued at $1,540,967.45. This trade represents a 37.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 91,468 shares of company stock worth $8,246,979. Insiders own 0.56% of the company’s stock.

Institutional Trading of Nextpower

Several hedge funds and other institutional investors have recently modified their holdings of NXT. Cullen Frost Bankers Inc. grew its stake in Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after purchasing an additional 324 shares in the last quarter. Foster Dykema Cabot & Partners LLC acquired a new stake in Nextpower in the third quarter valued at approximately $36,000. Northwestern Mutual Wealth Management Co. grew its position in Nextpower by 511.1% in 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 in the last quarter. BOKF NA lifted its position in shares of Nextpower by 1,135.7% in the third quarter. BOKF NA now owns 519 shares of the company’s stock worth $38,000 after buying an additional 477 shares during the last quarter. Finally, Hantz Financial Services Inc. boosted its stake in shares of Nextpower by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after acquiring an additional 782 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Trading Up 3.7%

The stock has a fifty day moving average price of $90.71 and a 200 day moving average price of $79.75. The firm has a market cap of $15.44 billion, a price-to-earnings ratio of 27.03, a price-to-earnings-growth ratio of 3.33 and a beta of 2.38.

Nextpower (NASDAQ:NXT) last posted its earnings results on Thursday, October 23rd. The company reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $839.53 million. On average, sell-side analysts forecast that Nextpower Inc. will post 3.29 EPS for the current 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.