Daniel Shugar Sells 59,456 Shares of Nextpower (NASDAQ:NXT) Stock

Nextpower Inc. (NASDAQ:NXT) CEO Daniel Shugar sold 59,456 shares of the business’s stock in a transaction dated Monday, March 9th. The shares were 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 of the company’s stock, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Nextpower Stock Performance

NXT stock traded up $6.70 during midday trading on Monday, reaching $108.13. The stock had a trading volume of 2,169,434 shares, compared to its average volume of 1,744,322. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59. The stock has a market cap of $16.06 billion, a PE ratio of 27.65, a P/E/G ratio of 2.98 and a beta of 2.41. The firm has a fifty day simple moving average of $106.66 and a two-hundred day simple moving average of $92.15.

Nextpower (NASDAQ:NXT) last posted its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $812.43 million. On average, sell-side analysts predict that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. BMO Capital Markets reissued a “market perform” rating and set a $104.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a report on Monday, December 29th. Needham & Company LLC boosted their price target on shares of Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Barclays set a $115.00 price objective on shares of Nextpower in a report on Thursday, January 29th. Finally, Robert W. Baird set a $126.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $108.32.

Institutional Trading of Nextpower

Hedge funds have recently modified their holdings of the business. Smartleaf Asset Management LLC increased its stake in shares of Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. boosted its holdings in shares of Nextpower by 268.7% in the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares in the last quarter. Huntington National Bank increased its stake in shares of Nextpower by 480.3% during the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after acquiring an additional 317 shares during the period. Foster Dykema Cabot & Partners LLC acquired a new stake in shares of Nextpower in the third quarter valued at $36,000. Finally, Baillie Gifford & Co. lifted its holdings in Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after acquiring an additional 182 shares during 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.