Citigroup Issues Pessimistic Forecast for Nextpower (NASDAQ:NXT) Stock Price

Nextpower (NASDAQ:NXT) had its price target lowered by analysts at Citigroup from $132.00 to $121.00 in a report issued on Wednesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Citigroup’s price objective would indicate a potential upside of 40.42% from the company’s previous close.

NXT has been the subject of a number of other research reports. Robert W. Baird reduced their target price on Nextpower from $156.00 to $116.00 and set an “outperform” rating for the company in a report on Tuesday, September 22nd. TD Cowen raised Nextpower to a “hold” rating in a research report on Monday. The Goldman Sachs Group reissued a “buy” rating and issued a $168.00 price objective on shares of Nextpower in a research note on Wednesday, July 1st. Jefferies Financial Group reaffirmed a “buy” rating and set a $131.00 target price on shares of Nextpower in a research note on Friday, July 31st. Finally, JPMorgan Chase & Co. dropped their target price on Nextpower from $179.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $142.77.

Nextpower Stock Down 2.2%

Shares of Nextpower stock traded down $1.92 during trading on Wednesday, hitting $86.17. The stock had a trading volume of 1,361,718 shares, compared to its average volume of 2,393,615. Nextpower has a 1 year low of $76.71 and a 1 year high of $163.13. The stock has a 50 day simple moving average of $87.83 and a 200 day simple moving average of $108.38. The company has a market capitalization of $13.07 billion, a PE ratio of 22.32, a P/E/G ratio of 1.65 and a beta of 1.94.

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

Insider Transactions at Nextpower

In other news, CFO Charles D. Boynton sold 4,500 shares of Nextpower stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total transaction of $359,910.00. Following the completion of the sale, the chief financial officer directly owned 354,000 shares in the company, valued at $28,312,920. The trade was a 1.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were 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 of the company’s stock, valued at approximately $722,152.50. The trade was a 48.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 100,431 shares of company stock valued at $10,039,748. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

A number of institutional investors have recently added to or reduced their stakes in NXT. Signature Equity Partners LLC boosted its holdings in Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after purchasing an additional 113 shares in the last quarter. Continuum Advisory LLC acquired a new stake in Nextpower in the 2nd quarter worth approximately $37,000. University of Texas Texas AM Investment Management Co. boosted its position in Nextpower by 60.3% during the fourth quarter. University of Texas Texas AM Investment Management Co. now owns 625 shares of the company’s stock worth $54,000 after purchasing an additional 235 shares during the period. Root Financial Partners LLC boosted its position in Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after purchasing an additional 103 shares during the period. Finally, Trust Co. of Vermont acquired a new position in Nextpower during the second quarter valued at approximately $63,000. 67.41% of the stock is currently owned by institutional investors and hedge funds.

About Nextpower

Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.