Nextpower (NASDAQ:NXT) Stock Rating Upgraded by Piper Sandler

Nextpower (NASDAQ:NXT) was upgraded by research analysts at Piper Sandler to a “strong-buy” rating in a research report issued on Tuesday, Zacks reports.

A number of other research firms also recently commented on NXT. BNP Paribas Exane boosted their target price on Nextpower from $177.00 to $182.00 and gave the stock an “outperform” rating in a research report on Friday, May 29th. TD Cowen cut their target price on shares of Nextpower from $135.00 to $118.00 and set a “hold” rating for the company in a report on Monday, July 20th. Needham & Company LLC restated a “buy” rating and issued a $149.00 price target on shares of Nextpower in a research report on Friday, May 29th. KeyCorp upped their price target on shares of Nextpower from $152.00 to $164.00 and gave the company an “overweight” rating in a research note on Friday, May 29th. Finally, The Goldman Sachs Group reiterated a “buy” rating and set a $168.00 price objective on shares of Nextpower in a research report on Wednesday, July 1st. Two research analysts have 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’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $144.96.

Nextpower Price Performance

Shares of NXT opened at $82.37 on Tuesday. The firm has a market cap of $12.50 billion, a P/E ratio of 21.34, a price-to-earnings-growth ratio of 1.72 and a beta of 1.92. Nextpower has a 1 year low of $64.30 and a 1 year high of $163.13. The company has a 50 day simple moving average of $97.30 and a two-hundred day simple moving average of $112.47.

Nextpower (NASDAQ:NXT) last released its earnings results on Thursday, July 30th. The company reported $1.20 EPS 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 firm had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. On average, sell-side analysts anticipate that Nextpower will post 3.7 earnings per share for the current year.

Insider Buying and Selling

In other Nextpower news, President Howard Wenger sold 11,176 shares of the business’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the sale, the president directly owned 419,868 shares of the company’s stock, valued at $43,993,769.04. The trade was a 2.59% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,692 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was 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 in the company, valued at approximately $230,602.20. This trade represents a 57.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 100,431 shares of company stock worth $10,039,748 over the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Jupiter Asset Management Ltd. lifted its holdings in shares of Nextpower by 0.3% in the 4th quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock worth $2,326,000 after buying an additional 86 shares during the period. Root Financial Partners LLC grew its position in shares of Nextpower by 30.0% during the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after buying an additional 103 shares in the last quarter. Signature Equity Partners LLC increased its stake in shares of Nextpower by 76.4% during 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 period. Janney Montgomery Scott LLC increased its stake in shares of Nextpower by 2.0% during the first quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock valued at $719,000 after buying an additional 119 shares during the period. Finally, EverSource Wealth Advisors LLC raised its holdings in shares of Nextpower by 12.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after acquiring an additional 143 shares in the last quarter. 67.41% of the stock is currently 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.