Nextpower (NASDAQ:NXT) Trading Down 5.5% – Here’s What Happened

Nextpower Inc. (NASDAQ:NXT) shares fell 5.5% on Monday . The stock traded as low as $111.93 and last traded at $111.4850. 596,996 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 1,955,260 shares. The stock had previously closed at $117.97.

Analyst Ratings Changes

Several brokerages recently weighed in on NXT. UBS Group increased their target price on Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. Glj Research reaffirmed a “buy” rating and issued a $147.33 target price on shares of Nextpower in a research report on Monday, March 16th. Northland Securities set a $111.00 target price on Nextpower in a research report on Tuesday, January 6th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Nextpower in a research report on Friday, March 27th. Finally, Robert W. Baird set a $126.00 price target on Nextpower in a report on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $113.84.

Nextpower Stock Down 5.4%

The firm has a 50 day moving average price of $115.53 and a two-hundred day moving average price of $100.37. The company has a market capitalization of $16.57 billion, a price-to-earnings ratio of 28.54, a P/E/G ratio of 2.71 and a beta of 2.02.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The business had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Analysts predict that Nextpower Inc. will post 3.29 earnings per share for the current year.

Insider Transactions at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction dated Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the transaction, the chief executive officer owned 746,339 shares of the company’s stock, valued at $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 104,348 shares of company stock valued at $10,876,525 over the last quarter. Insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

A number of hedge funds have recently bought and sold shares of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after purchasing an additional 71,842 shares in the last quarter. M&T Bank Corp acquired a new position in Nextpower in the second quarter worth about $223,000. EverSource Wealth Advisors LLC lifted its holdings in Nextpower by 179.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after acquiring an additional 724 shares during the last quarter. Cerity Partners LLC lifted its holdings in Nextpower by 154.0% in the second quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after acquiring an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System lifted its holdings in Nextpower by 36.5% in the second quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock worth $12,122,000 after acquiring an additional 59,573 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.