Insider Selling: Nextpower (NASDAQ:NXT) Director Sells $310,497.20 in Stock

Nextpower Inc. (NASDAQ:NXT) Director Julia Blunden sold 3,692 shares of the business’s stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $84.10, for a total transaction of $310,497.20. Following the transaction, the director directly owned 2,742 shares of the company’s stock, valued at $230,602.20. The trade was a 57.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.

Julia Blunden also recently made the following trade(s):

• On Friday, August 21st, Julia Blunden sold 3,723 shares of Nextpower stock. The shares were sold at an average price of $88.08, for a total transaction of $327,921.84.
• On Wednesday, August 5th, Julia Blunden sold 2,289 shares of Nextpower stock. The stock was sold at an average price of $97.22, for a total transaction of $222,536.58.

Nextpower Trading Up 2.9%

NASDAQ:NXT opened at $87.23 on Thursday. The company has a market cap of $13.24 billion, a PE ratio of 22.60, a price-to-earnings-growth ratio of 1.70 and a beta of 1.95. The company has a 50 day simple moving average of $104.13 and a two-hundred day simple moving average of $114.92. Nextpower Inc. has a 12 month low of $64.30 and a 12 month high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly 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. The firm had revenue of $935.17 million for the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. Research analysts forecast that Nextpower Inc. will post 3.73 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on NXT. Citigroup dropped their target price on Nextpower from $145.00 to $132.00 and set a “buy” rating on the stock in a research report on Monday, August 3rd. Robert W. Baird upped their price target on shares of Nextpower from $133.00 to $156.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. TD Cowen lowered their price objective 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. BMO Capital Markets raised shares of Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective on the stock in a report on Friday, July 31st. Finally, The Goldman Sachs Group restated a “buy” rating and set a $168.00 target price on shares of Nextpower in a research report on Wednesday, July 1st. One analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $146.12.

Hedge Funds Weigh In On Nextpower

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Signature Equity Partners LLC increased its position 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 buying an additional 113 shares in the last quarter. Smartleaf Asset Management LLC lifted its position in shares of Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after buying an additional 155 shares in the last quarter. Continuum Advisory LLC purchased a new position in shares of Nextpower during the 2nd quarter valued at about $37,000. Huntington National Bank grew 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 valued at $33,000 after acquiring an additional 317 shares during the period. Finally, Kemnay Advisory Services Inc. bought a new position in shares of Nextpower during the 4th quarter valued at approximately $39,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

About Nextpower

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.