Nextpower (NASDAQ:NXT) Stock Rating Upgraded by Truist Financial

Nextpower (NASDAQ:NXT) was upgraded by research analysts at Truist Financial to a “strong-buy” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other research firms also recently weighed in on NXT. Mizuho lifted their price objective on Nextpower from $130.00 to $142.00 and gave the company a “neutral” rating in a report on Monday, June 8th. UBS Group reiterated a “buy” rating and set a $170.00 target price on shares of Nextpower in a report on Friday, May 29th. TD Cowen raised their target price on shares of Nextpower from $105.00 to $135.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Glj Research boosted their price target on shares of Nextpower from $147.00 to $149.44 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Wells Fargo & Company upped their price target on shares of Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Nextpower has an average rating of “Moderate Buy” and an average target price of $148.06.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $104.66 on Monday. The firm has a market capitalization of $15.73 billion, a PE ratio of 27.33, a price-to-earnings-growth ratio of 1.97 and a beta of 1.86. The business has a 50 day simple moving average of $124.97 and a two-hundred day simple moving average of $115.44. Nextpower has a 1 year low of $52.61 and a 1 year high of $163.13.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, topping 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 net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Equities research analysts expect that Nextpower will post 3.77 EPS for the current fiscal year.

Insiders Place Their Bets

In other Nextpower news, CEO Daniel S. Shugar sold 26,077 shares of the business’s 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 directly owned 931,419 shares in the company, valued at approximately $125,480,767.68. The trade was a 2.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through 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, CFO Charles D. Boynton sold 4,500 shares of the stock in a transaction dated Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the sale, the chief financial officer directly owned 358,500 shares of the company’s stock, valued at approximately $54,416,715. The trade was a 1.24% decrease in their ownership of the stock. 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. Insiders sold a total of 168,574 shares of company stock valued at $22,559,770 in the last three months. 0.84% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings 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 during the last quarter. M&T Bank Corp purchased a new stake in shares of Nextpower during the 2nd quarter valued at $223,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $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 in 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 in the last quarter. Institutional investors own 67.41% of the company’s stock.

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.