Nextpower (NASDAQ:NXT) Stock Price Expected to Rise, Bank of America Analyst Says

Nextpower (NASDAQ:NXT) had its price target raised by investment analysts at Bank of America from $102.00 to $108.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s price objective points to a potential upside of 7.66% from the stock’s previous close.

A number of other analysts have also weighed in on the company. Needham & Company LLC started coverage on Nextpower in a research note on Wednesday, October 22nd. They set a “buy” rating and a $102.00 price objective for the company. Wells Fargo & Company increased their price target on shares of Nextpower from $72.00 to $109.00 and gave the company an “overweight” rating in a research report on Tuesday, October 28th. Jefferies Financial Group cut shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Sunday, December 14th. Guggenheim set a $74.00 price objective on shares of Nextpower in a research note on Wednesday, October 22nd. Finally, Royal Bank Of Canada raised their target price on Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, November 13th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.86.

Nextpower Trading Up 4.2%

Shares of NASDAQ:NXT opened at $100.32 on Thursday. The stock has a market capitalization of $14.89 billion, a P/E ratio of 26.06, a price-to-earnings-growth ratio of 3.33 and a beta of 2.38. The stock’s 50-day moving average price is $90.71 and its 200-day moving average price is $79.75. Nextpower has a 12-month low of $36.06 and a 12-month high of $112.74.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, October 23rd. The company reported $1.19 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.21. The company had revenue of $905.27 million during the quarter, compared to analysts’ expectations of $839.53 million. Nextpower had a return on equity of 35.05% and a net margin of 17.08%. As a group, research analysts predict that Nextpower will post 3.29 EPS for the current year.

Insider Buying and Selling

In related news, CEO Daniel S. Shugar sold 47,743 shares of the stock in a transaction dated Monday, November 17th. The shares were 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 directly owned 624,882 shares of the company’s stock, valued at $57,039,228.96. This represents a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director William D. Watkins sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total transaction of $918,500.00. Following the completion of the sale, the director owned 16,777 shares of the company’s stock, 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. Insiders sold a total of 91,468 shares of company stock valued at $8,246,979 over the last three months. Corporate insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. raised its holdings in Nextpower by 2.0% in the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock worth $1,048,279,000 after purchasing an additional 283,981 shares in the last quarter. Primecap Management Co. CA increased its stake in shares of Nextpower by 1.1% in the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after acquiring an additional 83,227 shares in the last quarter. State Street Corp lifted its position in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock valued at $398,932,000 after acquiring an additional 31,689 shares during the period. Encompass Capital Advisors LLC boosted its stake in Nextpower by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after acquiring an additional 289,663 shares in the last quarter. Finally, Invesco Ltd. increased its stake in shares of Nextpower by 9.9% during the third quarter. Invesco Ltd. now owns 2,725,449 shares of the company’s stock valued at $201,656,000 after purchasing an additional 245,412 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

Nextpower Company Profile

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.