Nextpower Inc. (NASDAQ:NXT) Sees Significant Decrease in Short Interest

Nextpower Inc. (NASDAQ:NXT) was the recipient of a large decline in short interest in January. As of January 30th, there was short interest totaling 6,415,959 shares, a decline of 13.5% from the January 15th total of 7,415,091 shares. Currently, 4.3% of the shares of the stock are short sold. Based on an average daily volume of 2,820,591 shares, the short-interest ratio is currently 2.3 days. Based on an average daily volume of 2,820,591 shares, the short-interest ratio is currently 2.3 days. Currently, 4.3% of the shares of the stock are short sold.

Analyst Ratings Changes

Several research analysts have commented on NXT shares. Jefferies Financial Group downgraded shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. TD Cowen lifted their target price on shares of Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. Citigroup upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and upped their price target for the company from $66.00 to $114.00 in a research report on Tuesday, October 21st. Barclays set a $115.00 price objective on Nextpower in a report on Thursday, January 29th. Finally, Needham & Company LLC increased their target price on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Nextpower Price Performance

NASDAQ:NXT traded up $3.09 during trading hours on Wednesday, hitting $125.68. The company had a trading volume of 1,294,401 shares, compared to its average volume of 2,104,109. The stock has a 50-day moving average price of $100.78 and a 200 day moving average price of $87.04. The company has a market capitalization of $18.66 billion, a PE ratio of 32.20, a price-to-earnings-growth ratio of 3.42 and a beta of 2.35. Nextpower has a 52 week low of $36.06 and a 52 week high of $131.59.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, topping 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. Analysts anticipate that Nextpower will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the transaction, the director owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The transaction 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 Nextpower stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at $11,535,573.36. This represents a 20.48% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.56% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC grew its stake in Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. grew its position in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after buying an additional 223 shares during the period. Cullen Frost Bankers Inc. increased its stake in shares of Nextpower by 122.3% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after acquiring an additional 324 shares in the last quarter. Huntington National Bank lifted its position in Nextpower by 480.3% during the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after acquiring an additional 317 shares during the period. Finally, Foster Dykema Cabot & Partners LLC bought a new stake in Nextpower during the third quarter worth about $36,000. Institutional investors 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.