Nextpower (NASDAQ:NXT) Upgraded to Strong-Buy at Truist Financial

Truist Financial upgraded shares of Nextpower (NASDAQ:NXT) to a strong-buy rating in a report published on Monday,Zacks.com reports.

A number of other research analysts have also weighed in on the stock. TD Cowen raised their price objective on shares of Nextpower from $105.00 to $135.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Wolfe Research reissued an “outperform” rating and set a $160.00 target price on shares of Nextpower in a research report on Friday, May 29th. Mizuho upped their target price on shares of Nextpower from $130.00 to $142.00 and gave the stock a “neutral” rating in a report on Monday, June 8th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $140.00 price target on shares of Nextpower in a research report on Thursday, May 14th. Finally, Royal Bank Of Canada lifted their price target on Nextpower from $146.00 to $149.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $148.06.

Nextpower Stock Performance

Shares of Nextpower stock opened at $104.66 on Monday. The stock has a market capitalization of $15.73 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 1.97 and a beta of 1.86. Nextpower has a 52 week low of $52.61 and a 52 week high of $163.13. The stock has a 50 day moving average price of $124.97 and a two-hundred day moving average price of $115.44.

Nextpower (NASDAQ:NXT) last issued its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, topping analysts’ consensus estimates of $0.89 by $0.16. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.The company had revenue of $880.52 million for the quarter, compared to analyst estimates of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Research analysts forecast that Nextpower will post 3.77 EPS for the current year.

Insider Activity at Nextpower

In related news, insider Bruce Ledesma sold 3,248 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $437,570.56. Following the sale, the insider directly owned 246,130 shares in the company, valued at approximately $33,158,633.60. The trade was a 1.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Howard Wenger sold 62,670 shares of the company’s stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the sale, the president directly owned 426,467 shares in the company, valued at approximately $55,547,326.75. This trade represents a 12.81% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 168,574 shares of company stock worth $22,559,770 over the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Large investors have recently modified their holdings of the business. Norges Bank bought a new position in Nextpower in the fourth quarter worth about $170,918,000. Amundi boosted its position in Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after acquiring an additional 1,287,071 shares in the last quarter. Janus Henderson Group PLC grew its holdings 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 acquiring an additional 780,958 shares during the period. Electron Capital Partners LLC grew its holdings in shares of Nextpower by 2,017.7% during the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after acquiring an additional 539,668 shares during the period. Finally, Lord Abbett & CO. LLC raised its position in shares of Nextpower by 142.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company’s stock worth $73,879,000 after acquiring an additional 498,110 shares in the last quarter. Hedge funds and other institutional investors 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.