Nextpower (NASDAQ:NXT) Downgraded by Zacks Research to “Hold”

Nextpower (NASDAQ:NXT) was downgraded by equities research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities analysts have also commented on the company. Jefferies Financial Group reissued a “buy” rating and set a $131.00 price target on shares of Nextpower in a research note on Friday, July 31st. Glj Research reaffirmed a “buy” rating and set a $149.00 price objective on shares of Nextpower in a report on Wednesday, August 5th. KeyCorp increased their target price on Nextpower from $152.00 to $164.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. BNP Paribas Exane raised their target price on shares of Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, Barclays boosted their price target on shares of Nextpower from $142.00 to $147.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 7th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and an average target price of $146.12.

Nextpower Stock Performance

NXT opened at $103.67 on Tuesday. The stock has a market capitalization of $15.73 billion, a price-to-earnings ratio of 26.86, a PEG ratio of 2.10 and a beta of 1.95. The company has a fifty day moving average of $110.84 and a 200 day moving average of $116.50. Nextpower has a fifty-two week low of $52.61 and a fifty-two week high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.05 by $0.15. The business had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. On average, equities research analysts forecast that Nextpower will post 3.73 earnings per share for the current year.

Insider Transactions at Nextpower

In other news, insider Bruce Ledesma sold 3,248 shares of the business’s stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $437,570.56. Following the transaction, the insider owned 246,130 shares of the company’s stock, valued at approximately $33,158,633.60. The trade was a 1.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction on Monday, June 1st. The shares were sold at an average price of $151.79, for a total value of $683,055.00. Following the sale, the chief financial officer owned 358,500 shares in the company, valued at $54,416,715. The trade was a 1.24% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 249,675 shares of company stock worth $30,924,570. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextpower

A number of large investors have recently made changes to their positions in NXT. State Street Corp raised its position in Nextpower by 0.6% in the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after purchasing an additional 31,689 shares during the period. Geode Capital Management LLC grew its stake in shares of Nextpower by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock valued at $350,385,000 after buying an additional 236,593 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Nextpower by 5.1% in the fourth quarter. Invesco Ltd. now owns 2,864,660 shares of the company’s stock worth $249,541,000 after buying an additional 139,211 shares during the period. Price T Rowe Associates Inc. MD raised its holdings in shares of Nextpower by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,429,410 shares of the company’s stock worth $211,627,000 after buying an additional 111,782 shares during the period. Finally, Amundi lifted its stake in shares of Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after acquiring an additional 1,287,071 shares during the last quarter. 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.