Nextpower (NASDAQ:NXT) Stock Price Up 7.5% – Should You Buy?

Nextpower Inc. (NASDAQ:NXT) shares rose 7.5% during trading on Thursday . The company traded as high as $124.69 and last traded at $124.9120. Approximately 572,388 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 1,950,231 shares. The stock had previously closed at $116.19.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the company. Barclays upped their price objective on Nextpower from $115.00 to $123.00 and gave the company an “overweight” rating in a research report on Tuesday, April 7th. The Goldman Sachs Group set a $140.00 price objective on Nextpower and gave the company a “buy” rating in a research report on Tuesday, April 14th. Northland Securities set a $111.00 price objective on Nextpower in a research report on Tuesday, January 6th. Roth Mkm reaffirmed a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Finally, Glj Research reaffirmed a “buy” rating and issued a $147.33 price objective on shares of Nextpower in a research report on Monday, March 16th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, Nextpower has an average rating of “Moderate Buy” and a consensus price target of $117.47.

Nextpower Stock Performance

The firm has a market capitalization of $18.03 billion, a P/E ratio of 31.05, a PEG ratio of 5.91 and a beta of 2.02. The firm has a 50-day moving average of $114.59 and a 200-day moving average of $102.61.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million for the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. On average, research analysts forecast that Nextpower Inc. will post 3.72 EPS for the current fiscal year.

Insider Buying and Selling at Nextpower

In other news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction 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 represents a 7.38% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director William D. Watkins sold 5,000 shares of the stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 104,348 shares of company stock worth $10,876,525 over the last three months. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Hedge funds and other institutional investors have recently modified their holdings of the company. Westfield Capital Management Co. LP boosted its holdings in shares of Nextpower by 6.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock valued at $103,442,000 after purchasing an additional 80,493 shares during the last quarter. Belpointe Asset Management LLC bought a new position in shares of Nextpower during the 3rd quarter valued at about $832,000. Strs Ohio boosted its holdings in shares of Nextpower by 219.8% during the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares during the last quarter. New York Life Investment Management LLC bought a new position in shares of Nextpower during the 3rd quarter valued at about $1,008,000. Finally, American Century Companies Inc. boosted its holdings in shares of Nextpower by 23.4% during the 3rd quarter. American Century Companies Inc. now owns 675,886 shares of the company’s stock valued at $50,009,000 after purchasing an additional 128,296 shares during the last quarter. 67.41% of the stock is owned by institutional investors.

Nextpower Company Profile

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.