Nextpower (NASDAQ:NXT) Price Target Raised to $115.00

Nextpower (NASDAQ:NXT) had its price target lifted by Piper Sandler from $110.00 to $115.00 in a research note issued to investors on Monday,Benzinga reports. The brokerage currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on the company. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Wednesday, July 15th. Jefferies Financial Group set a $115.00 price objective on shares of Nextpower in a report on Friday, October 16th. Freedom Capital upgraded Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Friday, July 31st. Northland Securities set a $138.00 target price on Nextpower in a research report on Thursday, October 29th. Finally, Citigroup reissued an “outperform” rating on shares of Nextpower in a research note on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $135.93.

Nextpower Stock Up 0.8%

Shares of NASDAQ:NXT opened at $100.59 on Monday. The business’s 50 day moving average is $84.83 and its 200 day moving average is $106.70. Nextpower has a 12-month low of $75.40 and a 12-month high of $163.13. The stock has a market cap of $15.15 billion, a price-to-earnings ratio of 25.14, a PEG ratio of 2.08 and a beta of 1.93.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Wednesday, October 28th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.21. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. As a group, equities research analysts expect that Nextpower will post 4.01 earnings per share for the current year.

Insider Activity at Nextpower

In other news, Director Brandi Thomas sold 7,415 shares of the firm’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the transaction, the director directly owned 7,914 shares of the company’s stock, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the sale, the chief financial officer directly owned 354,000 shares of the company’s stock, valued at approximately $28,312,920. This trade represents a 1.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 19,330 shares of company stock worth $1,674,948 in the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Signature Equity Partners LLC grew its stake in Nextpower by 76.4% during the 1st 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 during the 2nd quarter worth approximately $37,000. Heritage Family Offices LLP acquired a new stake in Nextpower during the 3rd quarter worth approximately $29,000. Migdal Insurance & Financial Holdings Ltd. purchased a new position in shares of Nextpower in the 3rd quarter valued at approximately $32,000. Finally, Trust Co. of Vermont purchased a new position in Nextpower during the 2nd quarter worth $63,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

About Nextpower

Nextpower, Inc., formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project. The company’s offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.