Nextpower (NASDAQ:NXT) Shares Down 11.2% Following Analyst Downgrade

Shares of Nextpower Inc. (NASDAQ:NXT) fell 11.2% during trading on Monday after Susquehanna lowered their price target on the stock from $180.00 to $168.00. Susquehanna currently has a positive rating on the stock. Nextpower traded as low as $100.44 and last traded at $98.9860. Approximately 2,362,675 shares were traded during mid-day trading, an increase of 0% from the average session volume of 2,355,250 shares. The stock had previously closed at $111.50.

Other research analysts also recently issued research reports about the stock. Wolfe Research restated an “outperform” rating and issued a $160.00 price target on shares of Nextpower in a research report on Friday, May 29th. UBS Group restated a “buy” rating and issued a $170.00 target price on shares of Nextpower in a research note on Friday, May 29th. Citigroup lifted their price target on shares of Nextpower from $114.00 to $145.00 and gave the company a “buy” rating in a research report on Wednesday, May 13th. Wall Street Zen lowered shares of Nextpower from a “buy” rating to a “hold” rating in a report on Monday, April 27th. Finally, KeyCorp raised their price objective on Nextpower from $152.00 to $164.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Twenty investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $148.39.

Insider Activity

In other news, CEO Daniel S. Shugar sold 26,077 shares of Nextpower stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $3,513,093.44. Following the completion of the transaction, the chief executive officer owned 931,419 shares in the company, valued at $125,480,767.68. This trade represents a 2.72% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, President Howard Wenger sold 62,670 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the sale, the president owned 426,467 shares in the company, valued at approximately $55,547,326.75. This represents a 12.81% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 168,574 shares of company stock valued at $22,559,770. 0.84% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Nextpower

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Nextpower in the fourth quarter worth $170,918,000. Amundi grew its holdings in shares of Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after purchasing an additional 1,287,071 shares during the last quarter. Janus Henderson Group PLC raised its position in Nextpower by 134.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after purchasing an additional 780,958 shares during the period. Electron Capital Partners LLC raised its position in Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after purchasing an additional 539,668 shares during the period. Finally, Lord Abbett & CO. LLC lifted its stake in Nextpower by 142.3% in the fourth quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company’s stock worth $73,879,000 after purchasing an additional 498,110 shares during the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Price Performance

The firm’s 50 day simple moving average is $125.73 and its two-hundred day simple moving average is $115.28. The firm has a market capitalization of $14.87 billion, a P/E ratio of 25.84, a P/E/G ratio of 2.20 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.89 by $0.16. The firm had revenue of $880.52 million for the quarter, compared to analysts’ expectations of $826.26 million. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, equities research analysts forecast that Nextpower Inc. will post 3.77 EPS for the current year.

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.