Nextpower (NASDAQ:NXT) Stock Rating Lowered by Wall Street Zen

Nextpower (NASDAQ:NXT) was downgraded by investment analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Sunday.

Several other research analysts have also commented on the company. Mizuho set a $81.00 price target on Nextpower in a report on Friday. Jefferies Financial Group lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Sunday, December 14th. Citigroup raised shares of Nextpower from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $66.00 to $114.00 in a research note on Tuesday, October 21st. Roth Mkm reiterated a “buy” rating and issued a $120.00 target price on shares of Nextpower in a report on Thursday, November 13th. Finally, Robert W. Baird set a $100.00 price target on shares of Nextpower in a research note on Friday, October 31st. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.10.

Nextpower Price Performance

NXT stock opened at $107.28 on Friday. Nextpower has a 1 year low of $36.06 and a 1 year high of $112.74. The firm has a market capitalization of $15.92 billion, a PE ratio of 27.87, a price-to-earnings-growth ratio of 3.29 and a beta of 2.38. The business has a 50 day simple moving average of $91.63 and a 200-day simple moving average of $80.73.

Insiders Place Their Bets

In related news, Director William D. Watkins sold 10,000 shares of the 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 transaction, the director owned 16,777 shares of the company’s stock, valued at approximately $1,540,967.45. This represents a 37.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction dated 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 owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 91,468 shares of company stock worth $8,246,979 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Bryce Point Capital LLC acquired a new position in Nextpower during the 2nd quarter worth approximately $998,000. Ethic Inc. raised its holdings in shares of Nextpower by 65.1% in the 2nd quarter. Ethic Inc. now owns 8,469 shares of the company’s stock valued at $494,000 after purchasing an additional 3,339 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Nextpower by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,138,496 shares of the company’s stock worth $61,900,000 after purchasing an additional 35,642 shares during the last quarter. Moody National Bank Trust Division acquired a new position in shares of Nextpower during the third quarter worth $1,278,000. Finally, Virtus Family Office LLC acquired a new position in shares of Nextpower during the second quarter worth $1,650,000. 67.41% of the stock is owned by institutional investors and hedge funds.

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.