Citigroup Has Lowered Expectations for Nextpower (NASDAQ:NXT) Stock Price

Nextpower (NASDAQ:NXT) had its price objective cut by stock analysts at Citigroup from $121.00 to $111.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s target price would indicate a potential upside of 35.78% from the company’s current price.

A number of other research firms have also recently weighed in on NXT. Robert W. Baird cut their price target on Nextpower from $156.00 to $116.00 and set an “outperform” rating for the company in a report on Tuesday, September 22nd. Piper Sandler decreased their price objective on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. JPMorgan Chase & Co. dropped their price objective on Nextpower from $152.00 to $136.00 and set an “overweight” rating for the company in a research report on Monday. Jefferies Financial Group set a $115.00 target price on shares of Nextpower in a research note on Friday, October 16th. Finally, Weiss Ratings downgraded shares of Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $139.77.

Nextpower Stock Up 3.4%

Shares of Nextpower stock traded up $2.72 on Wednesday, hitting $81.75. The company’s stock had a trading volume of 831,515 shares, compared to its average volume of 2,373,927. The company has a market capitalization of $12.40 billion, a P/E ratio of 21.22, a price-to-earnings-growth ratio of 1.92 and a beta of 1.94. Nextpower has a 52-week low of $76.71 and a 52-week high of $163.13. The firm has a fifty day moving average price of $84.99 and a 200-day moving average price of $105.83.

Nextpower (NASDAQ:NXT) last announced 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. The company had revenue of $935.17 million during the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, analysts expect that Nextpower will post 3.80 earnings per share for the current year.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of Nextpower stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the sale, the chief executive officer owned 871,131 shares in the company, valued at $89,787,472.17. The trade was a 7.20% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the company’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the transaction, the director directly owned 7,914 shares of the company’s stock, valued at $722,152.50. This trade represents a 48.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 100,431 shares of company stock valued at $10,039,748 in the last three months. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

Several institutional investors have recently made changes to their positions in the stock. Signature Equity Partners LLC raised its position in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after buying an additional 113 shares during the period. Continuum Advisory LLC purchased a new stake in Nextpower during the second quarter valued at about $37,000. Root Financial Partners LLC grew its position in Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock valued at $54,000 after acquiring an additional 103 shares during the period. Trust Co. of Vermont purchased a new stake in Nextpower during the second quarter valued at about $63,000. Finally, Westfuller Advisors LLC acquired a new stake in Nextpower during the first quarter worth about $66,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

About Nextpower

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.