Jefferies Financial Group Downgrades Nextpower (NASDAQ:NXT) to Hold

Nextpower (NASDAQ:NXT) was downgraded by stock analysts at Jefferies Financial Group from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Sunday,Zacks.com reports.

Several other equities analysts have also issued reports on the company. Royal Bank Of Canada boosted their price target on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, November 13th. Mizuho set a $81.00 price objective on shares of Nextpower in a report on Friday, January 23rd. Wall Street Zen cut Nextpower from a “strong-buy” rating to a “buy” rating in a report on Sunday, January 25th. Robert W. Baird set a $126.00 price objective on Nextpower in a report on Wednesday, January 28th. Finally, Northland Securities set a $111.00 target price on shares of Nextpower in a research report on Tuesday, January 6th. One research analyst has rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and seven have issued a Hold rating to the company’s stock. Based on data from MarketBeat, Nextpower presently has a consensus rating of “Moderate Buy” and an average target price of $108.32.

Nextpower Trading Up 0.4%

Shares of NASDAQ:NXT opened at $121.87 on Friday. The firm has a market cap of $18.10 billion, a price-to-earnings ratio of 31.17, a P/E/G ratio of 3.57 and a beta of 2.34. Nextpower has a 1 year low of $36.06 and a 1 year high of $131.59. The business has a fifty day simple moving average of $97.29 and a 200 day simple moving average of $84.65.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data 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. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The business had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. On average, sell-side analysts forecast that Nextpower will post 3.29 EPS for the current year.

Insider Activity at Nextpower

In related news, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total transaction of $918,500.00. Following the transaction, the director directly owned 16,777 shares in the company, valued at approximately $1,540,967.45. The trade was a 37.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Daniel S. Shugar sold 47,743 shares of the firm’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $91.28, for a total value of $4,357,981.04. Following the sale, the chief executive officer directly owned 624,882 shares of the company’s stock, valued at $57,039,228.96. This represents a 7.10% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 96,468 shares of company stock valued at $8,839,829. Insiders own 0.56% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Jupiter Asset Management Ltd. lifted its stake in Nextpower by 0.3% during the fourth quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock worth $2,326,000 after purchasing an additional 86 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Nextpower by 4.1% during the 4th quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock valued at $280,000 after acquiring an additional 126 shares in the last quarter. Allworth Financial LP boosted its stake in shares of Nextpower by 16.8% during the third quarter. Allworth Financial LP now owns 979 shares of the company’s stock valued at $72,000 after purchasing an additional 141 shares in the last quarter. EverSource Wealth Advisors LLC increased its position in Nextpower by 12.2% in the 4th 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 during the period. Finally, Natural Investments LLC increased its holdings in Nextpower by 0.9% in the third quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after purchasing an additional 155 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

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.