Nextpower (NASDAQ:NXT) Downgraded by Wall Street Zen to “Hold”

Wall Street Zen downgraded shares of Nextpower (NASDAQ:NXT) from a buy rating to a hold rating in a research note published on Saturday morning.

A number of other research analysts have also recently weighed in on the stock. Northland Securities set a $111.00 price objective on shares of Nextpower in a research note on Tuesday, January 6th. Robert W. Baird set a $126.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. Jefferies Financial Group lifted their target price on shares of Nextpower from $122.00 to $138.00 and gave the stock a “buy” rating in a research note on Tuesday, March 17th. Needham & Company LLC lifted their target price on shares of Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research note on Thursday, January 29th. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a research note on Friday, March 27th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and a consensus target price of $113.84.

Nextpower Price Performance

Shares of NXT opened at $117.97 on Friday. The firm has a 50 day simple moving average of $115.53 and a 200-day simple moving average of $100.17. Nextpower has a 1-year low of $36.78 and a 1-year high of $131.72. The stock has a market cap of $17.52 billion, a price-to-earnings ratio of 30.17, a price-to-earnings-growth ratio of 2.71 and a beta of 2.02.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data 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 net margin of 16.43% and a return on equity of 32.01%. The business had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. On average, equities analysts expect that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Activity at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower 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 directly owned 746,339 shares of the company’s stock, valued at approximately $78,492,472.63. The trade was a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 104,348 shares of company stock valued at $10,876,525 over the last ninety days. 0.56% of the stock is owned by corporate insiders.

Institutional Trading of Nextpower

Several institutional investors have recently made changes to their positions in the stock. Jupiter Asset Management Ltd. grew its stake in shares of Nextpower by 0.3% during the 4th quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock valued at $2,326,000 after buying an additional 86 shares during the period. Signaturefd LLC grew its stake in shares of Nextpower by 4.1% during the 4th quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock valued at $280,000 after buying an additional 126 shares during the period. Allworth Financial LP grew its stake in shares of Nextpower by 16.8% during the 3rd quarter. Allworth Financial LP now owns 979 shares of the company’s stock valued at $72,000 after buying an additional 141 shares during the period. EverSource Wealth Advisors LLC grew its stake in shares of Nextpower by 12.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after buying an additional 143 shares during the period. Finally, Natural Investments LLC grew its stake in shares of Nextpower by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after buying an additional 155 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.