Nextpower (NASDAQ:NXT) Upgraded by Wall Street Zen to Buy Rating

Wall Street Zen upgraded shares of Nextpower (NASDAQ:NXT) from a hold rating to a buy rating in a report issued on Sunday morning.

Several other equities research analysts have also recently commented on the company. UBS Group lifted their target price on Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. Jefferies Financial Group lifted their target price on Nextpower from $122.00 to $138.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. The Goldman Sachs Group set a $140.00 target price on Nextpower and gave the company a “buy” rating in a research note on Tuesday, April 14th. Bank of America lifted their target price on Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Finally, Susquehanna lifted their target price on Nextpower from $133.00 to $136.00 and gave the company a “positive” rating in a research note on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $114.49.

Nextpower Price Performance

NXT stock opened at $111.39 on Friday. The business has a fifty day moving average price of $114.86 and a 200 day moving average price of $101.65. Nextpower has a fifty-two week low of $37.16 and a fifty-two week high of $131.72. The stock has a market capitalization of $16.54 billion, a price-to-earnings ratio of 28.49, a P/E/G ratio of 2.56 and a beta of 2.02.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million during the quarter, compared to analysts’ expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. On average, equities analysts expect that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. This trade represents a 29.80% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the firm’s stock in a transaction on 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 in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 104,348 shares of company stock worth $10,876,525 over the last 90 days. 0.56% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Nextpower by 19.6% in the 1st 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 during the last quarter. M&T Bank Corp bought a new position in shares of Nextpower in the 2nd quarter worth $223,000. EverSource Wealth Advisors LLC boosted its position in shares of Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares during the last quarter. Cerity Partners LLC boosted its position in shares of Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after purchasing an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System boosted its position in shares of Nextpower by 36.5% in the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock worth $12,122,000 after purchasing an additional 59,573 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors.

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.