Nextpower (NASDAQ:NXT) Price Target Raised to $158.00

Nextpower (NASDAQ:NXT) had its price target boosted by Glj Research from $149.00 to $158.00 in a research report released on Tuesday, MarketBeat Ratings reports. Glj Research currently has a buy rating on the stock.

Several other equities research analysts also recently weighed in on the stock. Susquehanna reduced their price target on shares of Nextpower from $150.00 to $145.00 and set a “positive” rating for the company in a research report on Thursday, October 29th. Truist Financial upped their price objective on Nextpower from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Friday, July 31st. Mizuho cut their target price on Nextpower from $111.00 to $101.00 and set a “neutral” rating on the stock in a research note on Thursday, October 15th. Deutsche Bank Aktiengesellschaft set a $137.00 target price on Nextpower in a report on Monday, August 3rd. Finally, Roth Capital set a $140.00 price target on Nextpower in a research note on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $135.19.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $99.58 on Tuesday. The business has a fifty day moving average price of $83.42 and a 200-day moving average price of $106.68. The company has a market capitalization of $15.11 billion, a PE ratio of 26.88, a PEG ratio of 2.23 and a beta of 1.93. Nextpower has a 1-year low of $75.40 and a 1-year high of $163.13.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.21. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. On average, sell-side analysts anticipate that Nextpower will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Nextpower news, Director Julia Blunden sold 3,692 shares of the stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $84.10, for a total value of $310,497.20. Following the transaction, the director owned 2,742 shares of the company’s stock, valued at approximately $230,602.20. This represents a 57.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, President Howard Wenger sold 11,176 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the transaction, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 98,142 shares of company stock valued at $9,817,212 over the last ninety days. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Nextpower

Several institutional investors have recently made changes to their positions in the business. Pictet Asset Management Holding SA raised its stake in shares of Nextpower by 69.2% during the third quarter. Pictet Asset Management Holding SA now owns 4,334,659 shares of the company’s stock valued at $337,899,000 after acquiring an additional 1,772,231 shares in the last quarter. Fundsmith LLP bought a new position in Nextpower in the second quarter worth approximately $340,275,000. Robeco Schweiz AG grew its stake in Nextpower by 98.8% in the third quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock worth $134,124,000 after purchasing an additional 855,460 shares in the last quarter. Bank of America Corp DE increased its holdings in Nextpower by 34.6% during the 1st quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock worth $189,051,000 after purchasing an additional 402,770 shares during the period. Finally, Janus Henderson Group PLC increased its holdings in Nextpower by 134.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after purchasing an additional 780,958 shares during the period. Institutional investors own 67.41% of the company’s stock.

Nextpower Company Profile

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.