Nextpower (NASDAQ:NXT) Reaches New 52-Week High – Here’s What Happened

Shares of Nextpower Inc. (NASDAQ:NXT) hit a new 52-week high during trading on Monday . The company traded as high as $133.19 and last traded at $133.0980, with a volume of 1249974 shares traded. The stock had previously closed at $125.91.

Wall Street Analyst Weigh In

NXT has been the topic of several recent analyst reports. Wells Fargo & Company increased their target price on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. TD Cowen lifted their price target on Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a report on Wednesday, January 28th. BMO Capital Markets reiterated a “market perform” rating and issued a $104.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. Needham & Company LLC raised their target price on Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Finally, The Goldman Sachs Group set a $140.00 target price on Nextpower and gave the stock a “buy” rating in a research note on Tuesday, April 14th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $117.79.

Nextpower Stock Performance

The company has a market capitalization of $18.75 billion, a PE ratio of 32.29, a P/E/G ratio of 5.99 and a beta of 1.60. The company’s 50-day simple moving average is $114.71 and its 200-day simple moving average is $104.61.

Insider Activity

In other news, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in NXT. Westfield Capital Management Co. LP raised its position in Nextpower by 6.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after acquiring an additional 80,493 shares in the last quarter. New York Life Investment Management LLC purchased a new stake in shares of Nextpower during the 3rd quarter worth $1,008,000. Belpointe Asset Management LLC acquired a new position in shares of Nextpower during the 3rd quarter worth $832,000. Strs Ohio increased its holdings in shares of Nextpower by 219.8% in the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Nextpower by 23.4% in the 3rd quarter. American Century Companies Inc. now owns 675,886 shares of the company’s stock valued at $50,009,000 after purchasing an additional 128,296 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.