Bank of America Issues Positive Forecast for Nextpower (NASDAQ:NXT) Stock Price

Nextpower (NASDAQ:NXT) had its price objective raised by investment analysts at Bank of America from $102.00 to $108.00 in a report released on Thursday,Benzinga reports. The firm presently has a “buy” rating on the stock. Bank of America‘s target price would suggest a potential upside of 7.66% from the company’s previous close.

Several other research analysts also recently issued reports on NXT. The Goldman Sachs Group upped their target price on shares of Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, October 27th. Roth Mkm reaffirmed a “buy” rating and issued a $120.00 price objective on shares of Nextpower in a research report on Thursday, November 13th. Citigroup upgraded Nextpower from a “neutral” rating to a “buy” rating and increased their target price for the company from $66.00 to $114.00 in a research note on Tuesday, October 21st. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. Finally, JPMorgan Chase & Co. upped their price target on Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $98.86.

Nextpower Trading Up 4.2%

NASDAQ NXT opened at $100.32 on Thursday. The stock’s fifty day moving average price is $90.71 and its 200-day moving average price is $79.75. The stock has a market cap of $14.89 billion, a P/E ratio of 26.06, a P/E/G ratio of 3.33 and a beta of 2.38. Nextpower has a 12 month low of $36.06 and a 12 month high of $112.74.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.21. Nextpower had a net margin of 17.08% and a return on equity of 35.05%. The company had revenue of $905.27 million for the quarter, compared to analysts’ expectations of $839.53 million. As a group, analysts forecast that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director William D. Watkins sold 10,000 shares of Nextpower stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total value of $918,500.00. Following the completion of the sale, the director owned 16,777 shares of the company’s stock, valued at $1,540,967.45. The trade was a 37.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of the stock in a transaction dated Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. This represents a 20.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 91,468 shares of company stock valued at $8,246,979 over the last 90 days. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Institutional investors and hedge funds have recently made changes to their positions in the business. Foster Dykema Cabot & Partners LLC bought a new stake in Nextpower during the third quarter valued at approximately $36,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Nextpower by 511.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares during the last quarter. BOKF NA grew its position in shares of Nextpower by 1,135.7% during the 3rd quarter. BOKF NA now owns 519 shares of the company’s stock valued at $38,000 after acquiring an additional 477 shares during the period. Cullen Frost Bankers Inc. increased its stake in shares of Nextpower by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after purchasing an additional 324 shares in the last quarter. Finally, Hantz Financial Services Inc. raised its holdings in Nextpower by 1,737.8% in the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after purchasing an additional 782 shares during the period. 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.