Insider Selling: Nextpower (NASDAQ:NXT) Director Sells $592,850.00 in Stock

Nextpower Inc. (NASDAQ:NXT) Director William Watkins sold 5,000 shares of the stock in a transaction on Friday, January 30th. The stock was 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 in the company, valued at $1,396,398.89. The trade was a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Nextpower Stock Performance

NASDAQ:NXT opened at $116.72 on Thursday. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59. The firm has a market cap of $17.32 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 3.53 and a beta of 2.35. The firm’s fifty day moving average is $95.54 and its two-hundred day moving average is $83.31.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $812.43 million. As a group, equities research analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on NXT shares. Roth Mkm reaffirmed a “buy” rating and set a $130.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. BMO Capital Markets reissued a “market perform” rating and set a $104.00 price target on shares of Nextpower in a report on Wednesday, January 28th. Barclays set a $115.00 price objective on shares of Nextpower in a report on Thursday, January 29th. The Goldman Sachs Group increased their target price on shares of Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Finally, Susquehanna lifted their price target on Nextpower from $76.00 to $100.00 and gave the company a “positive” rating in a research note on Monday, October 13th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and six have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextpower has an average rating of “Moderate Buy” and a consensus target price of $108.32.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Norges Bank acquired a new stake in shares of Nextpower in the second quarter valued at about $140,772,000. William Blair Investment Management LLC purchased a new stake in Nextpower during the 3rd quarter valued at about $108,739,000. Amundi raised its holdings in Nextpower by 156.1% in 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 during the last quarter. Allianz Asset Management GmbH lifted its stake in Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after purchasing an additional 717,991 shares in the last quarter. Finally, Electron Capital Partners LLC boosted 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 purchasing an additional 539,668 shares during the last quarter. 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.