Nextpower (NASDAQ:NXT) Price Target Raised to $126.00

Nextpower (NASDAQ:NXT) had its target price boosted by Citigroup from $119.00 to $126.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other equities research analysts have also weighed in on NXT. UBS Group reduced their target price on Nextpower from $160.00 to $140.00 and set a “buy” rating for the company in a report on Friday, October 30th. Piper Sandler increased their price target on Nextpower from $110.00 to $115.00 and gave the company an “overweight” rating in a report on Monday. JPMorgan Chase & Co. dropped their price target on shares of Nextpower from $136.00 to $134.00 and set an “overweight” rating on the stock in a research report on Thursday, October 29th. Roth Capital set a $140.00 price objective on shares of Nextpower in a research note on Thursday, October 29th. Finally, Guggenheim raised shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a report on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $134.93.

Nextpower Price Performance

NASDAQ NXT opened at $93.60 on Tuesday. Nextpower has a fifty-two week low of $75.40 and a fifty-two week high of $163.13. The stock’s 50-day moving average is $85.05 and its two-hundred day moving average is $106.63. The firm has a market cap of $14.09 billion, a P/E ratio of 25.34, a price-to-earnings-growth ratio of 2.11 and a beta of 1.93.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.21. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. On average, equities analysts expect that Nextpower will post 3.98 EPS for the current year.

Insider Buying and Selling

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares of the company’s stock, valued at $28,312,920. This trade represents a 1.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the transaction, the director directly owned 7,914 shares in the company, valued at approximately $722,152.50. This represents a 48.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 19,330 shares of company stock valued at $1,674,948. Insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Several hedge funds have recently modified their holdings of NXT. Signature Equity Partners LLC grew its stake in shares of Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares during the last quarter. Janney Montgomery Scott LLC raised its stake in Nextpower by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock valued at $719,000 after purchasing an additional 119 shares during the last quarter. Sigma Planning Corp raised its stake in Nextpower by 4.9% during the 3rd quarter. Sigma Planning Corp now owns 3,779 shares of the company’s stock valued at $294,000 after purchasing an additional 175 shares during the last quarter. TFB Advisors LLC boosted its holdings in Nextpower by 5.0% in the 3rd quarter. TFB Advisors LLC now owns 3,793 shares of the company’s stock valued at $296,000 after purchasing an additional 182 shares during the period. Finally, Figure 8 Investment Strategies LLC boosted its holdings in Nextpower by 0.9% in the 3rd quarter. Figure 8 Investment Strategies LLC now owns 21,583 shares of the company’s stock valued at $1,682,000 after purchasing an additional 196 shares during the period. 67.41% of the stock is owned by institutional investors.

About Nextpower

Nextpower, Inc., formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project. The company’s offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.