Susquehanna Issues Positive Forecast for Nextpower (NASDAQ:NXT) Stock Price

Nextpower (NASDAQ:NXT) had its target price upped by research analysts at Susquehanna from $133.00 to $136.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has a “positive” rating on the stock. Susquehanna’s price target points to a potential upside of 16.69% from the company’s current price.

A number of other brokerages have also weighed in on NXT. Glj Research restated a “buy” rating and set a $147.33 price target on shares of Nextpower in a research note on Monday, March 16th. BMO Capital Markets restated a “market perform” rating and set a $104.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. TD Cowen boosted their price target on Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research note on Wednesday, January 28th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and issued a $119.00 target price on shares of Nextpower in a research report on Thursday, January 29th. Finally, KeyCorp reiterated an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextpower currently has an average rating of “Moderate Buy” and an average target price of $113.41.

Nextpower Trading Up 0.1%

Shares of NXT stock traded up $0.14 during trading hours on Thursday, reaching $116.55. 81,112 shares of the company’s stock were exchanged, compared to its average volume of 1,965,681. Nextpower has a 1 year low of $36.15 and a 1 year high of $131.72. The stock has a market cap of $17.30 billion, a PE ratio of 29.72, a PEG ratio of 2.57 and a beta of 2.02. The stock’s fifty day moving average price is $115.66 and its two-hundred day moving average price is $99.56.

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

Insider Buying and Selling

In related news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares in the company, valued at approximately $78,492,472.63. This represents a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextpower

Several hedge funds have recently bought and sold shares of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in Nextpower by 19.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after purchasing an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new stake in Nextpower in the 2nd quarter worth approximately $223,000. EverSource Wealth Advisors LLC boosted its position in Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares in the last quarter. First Trust Advisors LP boosted its position in Nextpower by 27.9% in the 2nd quarter. First Trust Advisors LP now owns 601,432 shares of the company’s stock worth $32,700,000 after purchasing an additional 131,139 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after purchasing an additional 11,239 shares in the last quarter. 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.