Nextpower (NASDAQ:NXT) Rating Increased to Strong-Buy at Zacks Research

Nextpower (NASDAQ:NXT) was upgraded by Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities analysts have also recently issued reports on the stock. BMO Capital Markets upped their target price on shares of Nextpower from $113.00 to $125.00 and gave the company a “market perform” rating in a research note on Wednesday, May 13th. UBS Group restated a “buy” rating and issued a $170.00 price objective on shares of Nextpower in a research note on Friday, May 29th. Wells Fargo & Company increased their target price on Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Jefferies Financial Group set a $153.00 price objective on shares of Nextpower in a report on Friday, June 26th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Nextpower in a research note on Thursday, May 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and an average target price of $148.06.

Nextpower Price Performance

Shares of NASDAQ NXT opened at $104.66 on Monday. The company’s 50-day moving average is $124.97 and its 200 day moving average is $115.44. The stock has a market capitalization of $15.73 billion, a P/E ratio of 27.33, a P/E/G ratio of 1.97 and a beta of 1.86. Nextpower has a 1 year low of $52.61 and a 1 year high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate 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 anticipate that Nextpower will post 3.77 earnings per share for the current year.

Insider Activity at Nextpower

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the business’s stock in a transaction that occurred on Monday, June 1st. The stock was sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the sale, the chief financial officer directly owned 358,500 shares in the company, valued at approximately $54,416,715. The trade was a 1.24% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $437,570.56. Following the completion of the transaction, the insider directly owned 246,130 shares in the company, valued at $33,158,633.60. This trade represents a 1.30% 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 sold a total of 168,574 shares of company stock valued at $22,559,770 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after acquiring an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new position in Nextpower during the 2nd quarter worth approximately $223,000. EverSource Wealth Advisors LLC grew its position in shares of Nextpower by 179.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after acquiring an additional 724 shares during the last quarter. Cerity Partners LLC increased its stake in Nextpower by 154.0% in the second quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock valued at $1,008,000 after purchasing an additional 11,239 shares during the period. Finally, California Public Employees Retirement System raised its stake in Nextpower by 36.5% during the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock valued at $12,122,000 after acquiring an additional 59,573 shares during the last quarter. Hedge funds and other institutional investors 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.