Nextpower (NASDAQ:NXT) Posts Earnings Results, Beats Estimates By $0.17 EPS

Nextpower (NASDAQ:NXT) released its quarterly earnings results on Tuesday. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17, FiscalAI reports. The company had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. Nextpower had a return on equity of 35.05% and a net margin of 17.08%.

Nextpower Stock Down 1.3%

NXT traded down $1.37 during midday trading on Tuesday, hitting $105.91. 3,276,608 shares of the company traded hands, compared to its average volume of 1,820,473. The firm has a market capitalization of $15.72 billion, a PE ratio of 27.51, a price-to-earnings-growth ratio of 3.29 and a beta of 2.38. The company’s 50-day moving average is $91.63 and its 200 day moving average is $80.73. Nextpower has a 52 week low of $36.06 and a 52 week high of $112.74.

Insider Activity

In related news, Director William D. Watkins sold 10,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total value of $918,500.00. Following the sale, the director owned 16,777 shares in the company, valued at approximately $1,540,967.45. This trade represents a 37.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the sale, the chief accounting officer owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This represents a 20.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 91,468 shares of company stock valued at $8,246,979 over the last three months. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Redwood Investment Management LLC lifted its position in Nextpower by 4.1% during the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock valued at $281,000 after purchasing an additional 204 shares in the last quarter. Quadrant Capital Group LLC increased its holdings in Nextpower by 2.1% in the 3rd quarter. Quadrant Capital Group LLC now owns 14,714 shares of the company’s stock worth $1,089,000 after acquiring an additional 299 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its holdings in Nextpower by 511.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after acquiring an additional 414 shares in the last quarter. BOKF NA raised its stake in Nextpower by 1,135.7% during the 3rd quarter. BOKF NA now owns 519 shares of the company’s stock worth $38,000 after acquiring an additional 477 shares during the period. Finally, Quantinno Capital Management LP lifted its holdings in Nextpower by 10.6% during the second quarter. Quantinno Capital Management LP now owns 5,379 shares of the company’s stock valued at $292,000 after purchasing an additional 514 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on NXT shares. The Goldman Sachs Group upped their price objective on shares of Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a report on Monday, October 27th. Jefferies Financial Group downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, December 14th. Barclays raised their price objective on Nextpower from $105.00 to $108.00 and gave the company an “overweight” rating in a research report on Wednesday, January 14th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. Finally, UBS Group raised their price target on Nextpower to $125.00 and gave the company a “buy” rating in a report on Wednesday, October 29th. Two research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $99.10.

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.