Nextpower (NASDAQ:NXT) Price Target Lowered to $116.00 at Robert W. Baird

Nextpower (NASDAQ:NXT) had its price target reduced by investment analysts at Robert W. Baird from $156.00 to $116.00 in a research note issued on Tuesday, Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price target points to a potential upside of 39.51% from the stock’s current price.

Several other equities research analysts also recently weighed in on the stock. Piper Sandler initiated coverage on shares of Nextpower in a research report on Tuesday, September 8th. They issued an “overweight” rating and a $116.00 target price for the company. Roth Capital restated a “buy” rating and set a $175.00 price objective on shares of Nextpower in a research note on Tuesday, July 28th. Northland Securities increased their target price on Nextpower from $148.00 to $162.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. BNP Paribas Exane lifted their target price on Nextpower from $177.00 to $182.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. Finally, JPMorgan Chase & Co. dropped their price target on Nextpower from $179.00 to $152.00 and set an “overweight” rating on the stock in a research report on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $143.42.

Nextpower Stock Performance

Shares of NXT opened at $83.15 on Tuesday. Nextpower has a one year low of $69.22 and a one year high of $163.13. The stock has a 50-day moving average price of $92.67 and a 200 day moving average price of $110.79. The company has a market capitalization of $12.62 billion, a P/E ratio of 21.54, a P/E/G ratio of 1.60 and a beta of 1.92.

Nextpower (NASDAQ:NXT) last announced its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The company had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. As a group, equities research analysts forecast that Nextpower will post 3.76 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, President Howard Wenger sold 11,176 shares of the company’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the completion of the transaction, the president directly owned 419,868 shares of the company’s stock, valued at approximately $43,993,769.04. This represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the firm’s stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the sale, the director directly owned 7,914 shares in the company, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 100,431 shares of company stock valued at $10,039,748 over the last 90 days. 0.84% of the stock is owned by corporate insiders.

Institutional Trading of Nextpower

Several hedge funds have recently bought and sold shares of the company. Fundsmith LLP acquired a new stake in shares of Nextpower in the second quarter worth about $340,275,000. Norges Bank bought a new stake in Nextpower during the fourth quarter worth approximately $170,918,000. Janus Henderson Group PLC grew its holdings in Nextpower by 134.3% during the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock valued at $164,488,000 after purchasing an additional 780,958 shares during the last quarter. Lord Abbett & CO. LLC raised its position in shares of Nextpower by 142.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company’s stock valued at $73,879,000 after purchasing an additional 498,110 shares during the period. Finally, Assetmark Inc. lifted its stake in shares of Nextpower by 96.6% in the first quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock worth $101,378,000 after buying an additional 413,142 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

About Nextpower

Nextracker Inc (NASDAQ: NXT) is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company’s product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.