Nextpower (NASDAQ:NXT) Trading Down 5.5% – What’s Next?

Nextpower Inc. (NASDAQ:NXT) dropped 5.5% on Monday . The company traded as low as $111.93 and last traded at $111.4850. Approximately 596,996 shares were traded during trading, a decline of 69% from the average daily volume of 1,955,260 shares. The stock had previously closed at $117.97.

Analysts Set New Price Targets

NXT has been the topic of a number of recent analyst reports. The Goldman Sachs Group set a $140.00 target price on Nextpower and gave the company a “buy” rating in a research report on Tuesday. Barclays lifted their price target on shares of Nextpower from $115.00 to $123.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 7th. Wells Fargo & Company upped their price target on shares of Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Needham & Company LLC increased their price objective on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. Finally, Robert W. Baird set a $126.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $114.49.

Nextpower Trading Up 3.0%

The company has a market cap of $17.06 billion, a price-to-earnings ratio of 29.39, a price-to-earnings-growth ratio of 2.57 and a beta of 2.02. The firm has a 50-day moving average price of $115.35 and a 200 day moving average price of $100.93.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. Research analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction dated 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 transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 104,348 shares of company stock worth $10,876,525. Insiders own 0.56% of the company’s stock.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. Smartleaf Asset Management LLC lifted its holdings in shares of Nextpower by 107.6% in the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. grew its stake in Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 223 shares during the last quarter. Huntington National Bank increased its position in Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after buying an additional 317 shares during the period. Foster Dykema Cabot & Partners LLC bought a new stake in Nextpower in the third quarter valued at $36,000. Finally, Baillie Gifford & Co. lifted its stake in Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after buying an additional 182 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.