Nextpower (NASDAQ:NXT) Hits New 12-Month High – Time to Buy?

Nextpower Inc. (NASDAQ:NXT)’s stock price hit a new 52-week high during trading on Wednesday . The company traded as high as $131.72 and last traded at $130.9880, with a volume of 1186315 shares. The stock had previously closed at $124.86.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the stock. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Barclays set a $115.00 target price on Nextpower in a research note on Thursday, January 29th. KeyCorp reaffirmed an “overweight” rating on shares of Nextpower in a research note on Friday, March 13th. Glj Research reiterated a “buy” rating and issued a $147.33 price objective on shares of Nextpower in a report on Monday, March 16th. Finally, UBS Group increased their price objective on Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $111.49.

Nextpower Trading Up 0.2%

The company has a market cap of $17.82 billion, a P/E ratio of 30.70, a price-to-earnings-growth ratio of 3.10 and a beta of 2.41. The company’s fifty day moving average is $113.65 and its 200 day moving average is $96.42.

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

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer directly owned 746,339 shares in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NXT. Westfield Capital Management Co. LP boosted its holdings in shares of Nextpower by 6.1% during the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after purchasing an additional 80,493 shares during the period. Belpointe Asset Management LLC purchased a new position in Nextpower during the 3rd quarter valued at about $832,000. Strs Ohio raised its position in Nextpower by 219.8% during the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares during the last quarter. New York Life Investment Management LLC bought a new position in Nextpower during the 3rd quarter valued at approximately $1,008,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its holdings in Nextpower by 31.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 72,500 shares of the company’s stock worth $5,364,000 after buying an additional 17,500 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.