Nextpower (NASDAQ:NXT) Downgraded by Zacks Research to Hold

Zacks Research downgraded shares of Nextpower (NASDAQ:NXT) from a strong-buy rating to a hold rating in a research report report published on Tuesday,Zacks.com reports.

Several other analysts also recently issued reports on NXT. KeyCorp raised their price target on Nextpower from $152.00 to $164.00 and gave the stock an “overweight” rating in a report on Friday, May 29th. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Wednesday, July 15th. Loop Capital set a $135.00 target price on Nextpower in a research report on Wednesday, May 13th. Wolfe Research reissued an “outperform” rating and set a $160.00 price target on shares of Nextpower in a report on Friday, May 29th. Finally, TD Cowen lowered their price target on shares of Nextpower from $135.00 to $118.00 and set a “hold” rating for the company in a research report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

Nextpower Stock Down 1.2%

Shares of NASDAQ:NXT opened at $103.67 on Tuesday. The company has a market cap of $15.73 billion, a PE ratio of 26.86, a P/E/G ratio of 2.10 and a beta of 1.95. Nextpower has a fifty-two week low of $52.61 and a fifty-two week high of $163.13. The firm has a 50-day simple moving average of $110.84 and a 200 day simple moving average of $116.50.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The firm had revenue of $935.17 million for the quarter, compared to analysts’ expectations of $935.39 million. As a group, research analysts forecast that Nextpower will post 3.73 EPS for the current fiscal year.

Insider Activity at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of the firm’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. This trade represents a 7.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 62,670 shares of the business’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the sale, the president owned 426,467 shares in the company, valued at $55,547,326.75. This trade represents a 12.81% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 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 249,675 shares of company stock worth $30,924,570 in the last ninety days. 0.84% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Nextpower during the fourth quarter worth $170,918,000. Amundi raised its holdings in shares of Nextpower by 156.1% during the third 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 during the period. Janus Henderson Group PLC raised its holdings in shares of Nextpower by 134.3% during the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock valued at $164,488,000 after acquiring an additional 780,958 shares during the period. Electron Capital Partners LLC lifted its position in shares of Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after acquiring an additional 539,668 shares in the last quarter. Finally, Lord Abbett & CO. LLC boosted its stake in 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 purchasing an additional 498,110 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.