Nextpower (NASDAQ:NXT) Sets New 12-Month High – Still a Buy?

Nextpower Inc. (NASDAQ:NXT)’s stock price reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $131.72 and last traded at $130.9880, with a volume of 1186315 shares trading hands. The stock had previously closed at $124.86.

Analysts Set New Price Targets

Several research analysts have recently commented on NXT shares. Barclays set a $115.00 target price on Nextpower in a research note on Thursday, January 29th. Wells Fargo & Company raised their price target on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. Glj Research reaffirmed a “buy” rating and set a $147.33 price objective on shares of Nextpower in a research report on Monday, March 16th. TD Cowen upped their price objective on shares of Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and issued a $119.00 price objective on shares of Nextpower in a research report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and an average price target of $111.49.

Nextpower Stock Performance

The firm has a market capitalization of $19.36 billion, a price-to-earnings ratio of 33.36, a PEG ratio of 2.78 and a beta of 2.41. The company has a fifty day moving average of $112.51 and a two-hundred day moving average of $96.02.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.93 by $0.17. The business had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Equities analysts forecast that Nextpower Inc. will post 3.29 EPS for the current year.

Insider Transactions at Nextpower

In related news, Director William D. Watkins sold 5,000 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the transaction, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction dated Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares of the company’s stock, valued at $78,492,472.63. This trade represents a 7.38% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in NXT. Jupiter Asset Management Ltd. raised its position in shares of Nextpower by 0.3% in the fourth quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock valued at $2,326,000 after buying an additional 86 shares in the last quarter. Signaturefd LLC grew its position in Nextpower by 4.1% during the fourth quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock worth $280,000 after buying an additional 126 shares in the last quarter. Allworth Financial LP increased its stake in Nextpower by 16.8% during the 3rd quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after acquiring an additional 141 shares during the period. EverSource Wealth Advisors LLC increased its stake in Nextpower by 12.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock worth $114,000 after acquiring an additional 143 shares during the period. Finally, Natural Investments LLC raised its holdings in Nextpower by 0.9% in the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after acquiring an additional 155 shares in the last quarter. 67.41% of the stock is 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.