Needham & Company LLC Forecasts Strong Price Appreciation for Nextpower (NASDAQ:NXT) Stock

Nextpower (NASDAQ:NXT) had its price target hoisted by investment analysts at Needham & Company LLC from $103.00 to $138.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Needham & Company LLC’s price objective would indicate a potential upside of 17.86% from the stock’s previous close.

Other analysts also recently issued reports about the company. 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. JPMorgan Chase & Co. raised their price objective on shares of Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Deutsche Bank Aktiengesellschaft set a $99.00 target price on shares of Nextpower and gave the company a “buy” rating in a report on Friday, October 24th. Susquehanna raised their price target on shares of Nextpower from $76.00 to $100.00 and gave the stock a “positive” rating in a report on Monday, October 13th. Finally, Guggenheim set a $74.00 price target on shares of Nextpower in a research report on Wednesday, October 22nd. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Nextpower Trading Down 3.3%

NXT stock opened at $117.09 on Thursday. The firm has a 50-day moving average of $93.85 and a two-hundred day moving average of $81.99. Nextpower has a 12 month low of $36.06 and a 12 month high of $131.59. The company has a market cap of $17.37 billion, a price-to-earnings ratio of 29.95, a PEG ratio of 3.77 and a beta of 2.38.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. As a group, equities analysts forecast that Nextpower will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO David P. Bennett sold 33,725 shares of Nextpower 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 completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total value of $918,500.00. Following the transaction, the director 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. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, 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

Institutional investors have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Nextpower by 19.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after purchasing an additional 71,842 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Nextpower by 25.4% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 13,936 shares of the company’s stock valued at $758,000 after acquiring an additional 2,821 shares in the last quarter. Farther Finance Advisors LLC boosted its holdings in Nextpower by 53.6% in the second quarter. Farther Finance Advisors LLC now owns 2,387 shares of the company’s stock valued at $130,000 after purchasing an additional 833 shares during the period. Park Avenue Securities LLC purchased a new position in Nextpower in the second quarter valued at $243,000. Finally, Signaturefd LLC grew its stake in Nextpower by 20.0% during the 2nd quarter. Signaturefd LLC now owns 3,099 shares of the company’s stock worth $168,000 after purchasing an additional 516 shares in the last quarter. 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.