Nextpower (NASDAQ:NXT) CEO Daniel Shugar Sells 67,636 Shares

Nextpower Inc. (NASDAQ:NXT) CEO Daniel Shugar sold 67,636 shares of the business’s stock in a transaction dated Monday, August 10th. The shares were sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the transaction, the chief executive officer owned 871,131 shares in the company, valued at $89,787,472.17. This trade represents a 7.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Stock Up 1.9%

NXT opened at $104.88 on Wednesday. Nextpower Inc. has a 52 week low of $52.61 and a 52 week high of $163.13. The business has a 50 day moving average price of $111.70 and a two-hundred day moving average price of $116.51. The company has a market cap of $15.91 billion, a PE ratio of 27.17, a P/E/G ratio of 2.06 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last announced its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The company had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. As a group, sell-side analysts expect that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. Jefferies Financial Group restated a “buy” rating and set a $131.00 price objective on shares of Nextpower in a research report on Friday, July 31st. Citigroup lowered their target price on shares of Nextpower from $145.00 to $132.00 and set a “buy” rating on the stock in a report on Monday, August 3rd. TD Cowen dropped their price target on shares of Nextpower from $135.00 to $118.00 and set a “hold” rating on the stock in a research note on Monday, July 20th. Needham & Company LLC restated a “buy” rating and issued a $149.00 price objective on shares of Nextpower in a research report on Friday, May 29th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of Nextpower in a report on Friday, May 29th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $146.12.

Hedge Funds Weigh In On Nextpower

Large investors have recently made changes to their positions in the stock. Smartleaf Asset Management LLC grew its position in Nextpower by 107.6% during the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. lifted its position in shares of Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares during the period. Signature Equity Partners LLC lifted its position in shares of Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the period. Huntington National Bank boosted its stake in shares of Nextpower by 480.3% during the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after acquiring an additional 317 shares in the last quarter. Finally, Baillie Gifford & Co. grew its holdings in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after acquiring an additional 182 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.