Nextpower (NASDAQ:NXT) Raised to Hold at TD Cowen

Nextpower (NASDAQ:NXT) was upgraded by research analysts at TD Cowen to a “hold” rating in a research note issued on Monday, Zacks reports.

NXT has been the subject of several other research reports. Weiss Ratings cut shares of Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Robert W. Baird decreased their target price on shares of Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 22nd. Barclays boosted their target price on Nextpower from $142.00 to $147.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. Mizuho dropped their price target on Nextpower from $142.00 to $111.00 and set a “neutral” rating for the company in a research report on Tuesday, August 4th. Finally, Freedom Capital raised Nextpower from a “hold” rating to a “strong-buy” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $143.19.

Nextpower Stock Up 6.2%

Shares of NXT opened at $88.09 on Monday. Nextpower has a 52-week low of $76.19 and a 52-week high of $163.13. The stock has a market cap of $13.37 billion, a PE ratio of 22.82, a price-to-earnings-growth ratio of 1.65 and a beta of 1.94. The firm’s fifty day moving average is $87.83 and its two-hundred day moving average is $108.38.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million during the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, research analysts anticipate that Nextpower will post 3.76 earnings per share for the current year.

Insider Activity at Nextpower

In other news, President Howard Wenger sold 11,176 shares of the stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the sale, the president owned 419,868 shares of the company’s stock, valued at $43,993,769.04. This represents a 2.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total transaction of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares of the company’s stock, valued at $28,312,920. This represents a 1.26% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,431 shares of company stock valued at $10,039,748 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Fundsmith LLP acquired a new stake in Nextpower during the second quarter worth $340,275,000. Bank of America Corp DE lifted its stake in shares of Nextpower by 34.6% in the 1st quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock valued at $189,051,000 after purchasing an additional 402,770 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Nextpower by 134.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after purchasing an additional 780,958 shares during the period. Goldman Sachs Group Inc. grew its holdings in shares of Nextpower by 47.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,288,280 shares of the company’s stock worth $112,222,000 after purchasing an additional 412,816 shares during the period. Finally, Assetmark Inc. increased its position in shares of Nextpower by 96.6% during the 1st quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock worth $101,378,000 after purchasing an additional 413,142 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Nextpower Company Profile

Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.