Nextpower Inc. (NASDAQ:NXT) Stock Rated “Moderate Buy” by Wall Street Analysts

Shares of Nextpower Inc. (NASDAQ:NXT) have been assigned an average recommendation of “Moderate Buy” from the twenty-eight ratings firms that are covering the firm, MarketBeat Ratings reports. Four investment analysts have rated the stock with a hold recommendation, twenty-three have issued a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1 year price target among brokers that have issued ratings on the stock in the last year is $139.77.

NXT has been the subject of a number of analyst reports. Citigroup lowered their target price on shares of Nextpower from $121.00 to $111.00 and set a “buy” rating for the company in a research note on Wednesday, October 21st. Piper Sandler dropped their target price on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. Freedom Capital upgraded Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Deutsche Bank Aktiengesellschaft set a $137.00 price target on Nextpower in a report on Monday, August 3rd. Finally, Zacks Research cut Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th.

Nextpower Price Performance

Shares of Nextpower stock opened at $78.89 on Wednesday. Nextpower has a 52-week low of $75.40 and a 52-week high of $163.13. The company has a 50 day moving average of $83.56 and a 200 day moving average of $105.15. The company has a market capitalization of $11.97 billion, a P/E ratio of 20.44, a P/E/G ratio of 1.90 and a beta of 1.94.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping 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 company had revenue of $935.17 million during the quarter, compared to analysts’ expectations of $935.39 million. As a group, research analysts anticipate that Nextpower will post 3.80 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In related news, Director Julia Blunden sold 3,723 shares of the business’s stock in a transaction dated Friday, August 21st. The shares were sold at an average price of $88.08, for a total value of $327,921.84. Following the sale, the director directly owned 6,434 shares in the company, valued at $566,706.72. The trade was a 36.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, President Howard Wenger sold 11,176 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the completion of the sale, the president directly owned 419,868 shares in the company, valued at approximately $43,993,769.04. The trade was a 2.59% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 100,431 shares of company stock worth $10,039,748. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Nextpower

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Fundsmith LLP acquired a new stake in shares of Nextpower in the second quarter valued at approximately $340,275,000. Robeco Schweiz AG raised its position in shares of Nextpower by 98.8% during the 3rd quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock worth $134,124,000 after purchasing an additional 855,460 shares during the last quarter. Bank of America Corp DE raised its position in shares of Nextpower by 34.6% during the 1st quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock worth $189,051,000 after purchasing an additional 402,770 shares during the last quarter. Janus Henderson Group PLC raised its position 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 last quarter. Finally, Assetmark Inc. lifted its stake in Nextpower by 96.6% in the 1st quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock valued at $101,378,000 after buying an additional 413,142 shares in the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Company Profile

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.