Nextpower (NASDAQ:NXT) Price Target Raised to $138.00

Nextpower (NASDAQ:NXT) had its target price raised by Jefferies Financial Group from $122.00 to $138.00 in a research report report published on Tuesday, MarketBeat.com reports. Jefferies Financial Group currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on NXT. Roth Mkm reaffirmed a “buy” rating and issued a $130.00 target price on shares of Nextpower in a research report on Wednesday, January 28th. Bank of America upped their price target on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. TD Cowen increased their price objective on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. Finally, KeyCorp reissued an “overweight” rating on shares of Nextpower in a research note on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus price target of $111.49.

Nextpower Trading Up 2.9%

NASDAQ:NXT opened at $118.74 on Tuesday. The firm has a market capitalization of $17.63 billion, a PE ratio of 30.37, a price-to-earnings-growth ratio of 2.74 and a beta of 2.41. The stock has a 50 day moving average of $111.19 and a 200-day moving average of $94.57. Nextpower has a 52 week low of $36.06 and a 52 week high of $131.59.

Nextpower (NASDAQ:NXT) last announced its quarterly 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 return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. As a group, analysts predict that Nextpower will post 3.29 EPS for the current fiscal year.

Insider Activity

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

Institutional Trading of Nextpower

Hedge funds and other institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its position in Nextpower by 2.0% during the third quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock valued at $1,048,279,000 after buying an additional 283,981 shares during the period. Primecap Management Co. CA boosted its position in Nextpower by 1.1% during the 2nd quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after acquiring an additional 83,227 shares during the period. State Street Corp grew its stake in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock valued at $398,932,000 after acquiring an additional 31,689 shares in the last quarter. Geode Capital Management LLC grew its stake in Nextpower by 6.3% during the 4th quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock valued at $350,385,000 after acquiring an additional 236,593 shares in the last quarter. Finally, Encompass Capital Advisors LLC increased its holdings in shares of Nextpower by 11.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after purchasing an additional 289,663 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.