Nextpower (NASDAQ:NXT) Given New $120.00 Price Target at Royal Bank Of Canada

Nextpower (NASDAQ:NXT) had its price target boosted by equities researchers at Royal Bank Of Canada from $116.00 to $120.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Royal Bank Of Canada‘s price target suggests a potential upside of 22.64% from the company’s current price.

Several other equities analysts also recently commented on NXT. JPMorgan Chase & Co. dropped their target price on Nextpower from $136.00 to $134.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. Susquehanna dropped their price objective on shares of Nextpower from $150.00 to $145.00 and set a “positive” rating for the company in a report on Thursday, October 29th. TD Cowen upgraded shares of Nextpower to a “hold” rating in a research report on Monday, October 5th. UBS Group reduced their target price on shares of Nextpower from $160.00 to $140.00 and set a “buy” rating on the stock in a report on Friday, October 30th. Finally, Northland Securities set a $138.00 target price on shares of Nextpower in a report on Thursday, October 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $134.93.

Nextpower Trading Down 2.7%

NASDAQ:NXT traded down $2.74 on Thursday, hitting $97.85. The company had a trading volume of 206,750 shares, compared to its average volume of 2,453,142. The stock has a market capitalization of $14.73 billion, a price-to-earnings ratio of 24.49, a PEG ratio of 2.08 and a beta of 1.93. The firm has a 50 day moving average of $84.83 and a two-hundred day moving average of $106.70. Nextpower has a 52 week low of $75.40 and a 52 week high of $163.13.

Nextpower (NASDAQ:NXT) last issued its earnings results on Wednesday, October 28th. The company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.10 by $0.21. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. As a group, equities analysts forecast that Nextpower will post 4.01 EPS for the current year.

Insider Buying and Selling

In related news, Director Julia Blunden sold 3,723 shares of Nextpower stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $88.08, for a total value of $327,921.84. Following the transaction, the director directly owned 6,434 shares of the company’s stock, valued at $566,706.72. The trade was a 36.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Charles Boynton sold 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer owned 354,000 shares in the company, valued at $28,312,920. The trade was a 1.26% 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 19,330 shares of company stock valued at $1,674,948 over the last ninety days. 0.84% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Fundsmith LLP bought a new stake in shares of Nextpower in the 2nd quarter valued at $340,275,000. Pictet Asset Management Holding SA increased its position 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 worth $337,899,000 after buying an additional 1,772,231 shares during the period. Bank of America Corp DE raised its stake in Nextpower by 34.6% during the first quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock worth $189,051,000 after buying an additional 402,770 shares during the last quarter. Janus Henderson Group PLC raised its stake in Nextpower by 134.3% during the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after buying an additional 780,958 shares during the last quarter. Finally, Robeco Schweiz AG lifted its holdings in Nextpower by 98.8% in the third quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock valued at $134,124,000 after buying an additional 855,460 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Company Profile

Nextpower, Inc., formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project. The company’s offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.