Nextpower Inc. (NASDAQ:NXT) Receives $108.32 Average Price Target from Brokerages

Shares of Nextpower Inc. (NASDAQ:NXT) have received a consensus rating of “Moderate Buy” from the twenty-five ratings firms that are currently covering the stock, Marketbeat.com reports. Seven analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokers that have covered the stock in the last year is $108.3182.

NXT has been the subject of several recent research reports. JPMorgan Chase & Co. increased their price target on shares of Nextpower from $92.00 to $110.00 and gave the stock an “overweight” rating in a research report on Friday, October 24th. Needham & Company LLC increased their target price on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a report on Thursday, January 29th. Guggenheim set a $74.00 price target on Nextpower in a research note on Wednesday, October 22nd. Robert W. Baird set a $126.00 price objective on Nextpower in a research note on Wednesday, January 28th. Finally, Royal Bank Of Canada lifted their price objective on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, November 13th.

Nextpower Trading Up 1.9%

Shares of NXT stock opened at $116.44 on Friday. Nextpower has a 12 month low of $36.06 and a 12 month high of $131.59. The company has a market capitalization of $17.29 billion, a P/E ratio of 29.78, a P/E/G ratio of 3.42 and a beta of 2.34. The stock has a 50 day moving average of $99.57 and a two-hundred day moving average of $86.17.

Nextpower (NASDAQ:NXT) last issued its earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The business had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Sell-side analysts predict that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Transactions at Nextpower

In related news, Director William D. Watkins sold 10,000 shares of the stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total transaction of $918,500.00. Following the sale, the director directly owned 16,777 shares in the company, valued at $1,540,967.45. This represents a 37.35% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on 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 sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 48,725 shares of company stock worth $4,481,848. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Several large investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC raised its holdings in Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its stake in shares of Nextpower by 268.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 223 shares during the last quarter. Cullen Frost Bankers Inc. lifted its holdings in Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after buying an additional 324 shares during the period. Huntington National Bank boosted its stake in Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after acquiring an additional 317 shares during the last quarter. Finally, Foster Dykema Cabot & Partners LLC acquired a new stake in Nextpower during the 3rd quarter worth $36,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

About Nextpower

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.