Nextpower (NASDAQ:NXT) CEO Sells $6,971,242.52 in Stock

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

Nextpower Stock Up 0.8%

Shares of Nextpower stock opened at $104.55 on Friday. The firm has a market capitalization of $15.86 billion, a P/E ratio of 27.09, a P/E/G ratio of 2.08 and a beta of 1.95. Nextpower Inc. has a 52 week low of $52.61 and a 52 week high of $163.13. The firm’s 50 day moving average is $109.93 and its two-hundred day moving average is $116.50.

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

Analyst Upgrades and Downgrades

Several research firms have issued reports on NXT. Wolfe Research restated an “outperform” rating and issued a $160.00 price objective on shares of Nextpower in a research note on Friday, May 29th. Royal Bank Of Canada cut their target price on Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. Loop Capital set a $135.00 target price on Nextpower in a report on Wednesday, May 13th. Zacks Research cut Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, BNP Paribas Exane raised their price target on Nextpower from $177.00 to $182.00 and gave the stock an “outperform” rating in a research note on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Nextpower currently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of NXT. Signature Equity Partners LLC raised its holdings in shares of Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the last quarter. Smartleaf Asset Management LLC grew its holdings in shares of 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 last quarter. Whittier Trust Co. of Nevada Inc. increased its position in Nextpower by 268.7% in 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. Huntington National Bank increased its position in Nextpower by 480.3% in 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, Baillie Gifford & Co. raised its stake in Nextpower by 76.5% during the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after acquiring an additional 182 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other 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.