Nextpower (NASDAQ:NXT) Given New $136.00 Price Target at JPMorgan Chase & Co.

Nextpower (NASDAQ:NXT) had its target price decreased by analysts at JPMorgan Chase & Co. from $152.00 to $136.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 70.64% from the stock’s current price.

Other equities research analysts also recently issued research reports about the company. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, July 15th. UBS Group reaffirmed a “buy” rating and issued a $160.00 price target on shares of Nextpower in a research note on Monday, August 3rd. Piper Sandler lowered their price target on Nextpower from $116.00 to $110.00 and set an “overweight” rating for the company in a report on Wednesday, September 30th. Truist Financial boosted their price objective on shares of Nextpower from $140.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft set a $137.00 price target on Nextpower in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $140.85.

Nextpower Stock Performance

Shares of NASDAQ NXT traded down $0.34 during midday trading on Monday, reaching $79.70. 1,697,257 shares of the stock were exchanged, compared to its average volume of 2,383,223. The company has a 50 day simple moving average of $85.97 and a 200 day simple moving average of $106.41. The stock has a market capitalization of $12.09 billion, a P/E ratio of 20.65, a PEG ratio of 1.93 and a beta of 1.94. Nextpower has a twelve month low of $76.71 and a twelve month high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The firm had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. On average, research analysts expect that Nextpower will post 3.80 earnings per share for the current year.

Insider Activity

In other Nextpower news, CEO Daniel Shugar sold 67,636 shares of Nextpower stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $103.07, for a total value of $6,971,242.52. Following the sale, the chief executive officer owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. The trade was a 7.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,692 shares of the business’s stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $84.10, for a total transaction of $310,497.20. Following the sale, the director directly owned 2,742 shares in the company, valued at approximately $230,602.20. This represents a 57.38% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders sold 100,431 shares of company stock valued at $10,039,748. 0.84% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Nextpower

Large investors have recently added to or reduced their stakes in the business. IFP Advisors Inc grew its stake in shares of Nextpower by 269.8% during the 3rd quarter. IFP Advisors Inc now owns 18,593 shares of the company’s stock valued at $1,449,000 after buying an additional 13,565 shares during the period. Vontobel Holding Ltd. lifted its holdings in Nextpower by 27.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 4,730 shares of the company’s stock worth $369,000 after buying an additional 1,033 shares in the last quarter. TD Waterhouse Canada Inc. increased its stake in shares of Nextpower by 1,212.7% in the third quarter. TD Waterhouse Canada Inc. now owns 5,684 shares of the company’s stock worth $452,000 after buying an additional 5,251 shares during the last quarter. Assenagon Asset Management S.A. lifted its position in shares of Nextpower by 61.1% during the third quarter. Assenagon Asset Management S.A. now owns 55,818 shares of the company’s stock worth $4,350,000 after purchasing an additional 21,165 shares during the last quarter. Finally, Formuepleje A S bought a new position in Nextpower during the 3rd quarter worth approximately $783,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

About Nextpower

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.