Nextpower (NASDAQ:NXT) Now Covered by Analysts at Glj Research

Research analysts at Glj Research assumed coverage on shares of Nextpower (NASDAQ:NXT) in a research note issued on Tuesday,Benzinga reports. The firm set a “buy” rating and a $147.33 price target on the stock. Glj Research’s price target points to a potential upside of 36.25% from the company’s current price.

A number of other research analysts have also issued reports on the stock. Jefferies Financial Group lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Sunday, February 8th. Bank of America lifted their price target on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Barclays set a $115.00 price objective on shares of Nextpower in a research note on Thursday, January 29th. Royal Bank Of Canada lifted their target price on shares of Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research note on Thursday, November 13th. Finally, Wells Fargo & Company boosted their price target on Nextpower from $109.00 to $127.00 and gave the company an “overweight” rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $110.01.

Nextpower Trading Up 6.6%

Shares of NXT opened at $108.13 on Tuesday. Nextpower has a 12-month low of $36.06 and a 12-month high of $131.59. The stock has a market cap of $16.06 billion, a P/E ratio of 27.65, a PEG ratio of 2.98 and a beta of 2.41. The company has a 50-day moving average of $106.66 and a two-hundred day moving average of $92.15.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 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 for the quarter, compared to analyst estimates of $812.43 million. As a group, analysts forecast that Nextpower will post 3.29 EPS for the current fiscal year.

Insider Transactions at Nextpower

In related news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the completion of the transaction, the director directly owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 138,073 shares of company stock worth $13,847,023. 0.56% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. Jupiter Asset Management Ltd. raised 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 acquiring an additional 86 shares during the period. Signaturefd LLC grew its holdings in shares of Nextpower by 4.1% during the fourth quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock valued at $280,000 after purchasing an additional 126 shares during the last quarter. Allworth Financial LP raised its position in shares of Nextpower by 16.8% during the 3rd quarter. Allworth Financial LP now owns 979 shares of the company’s stock worth $72,000 after purchasing an additional 141 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Nextpower by 12.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock worth $114,000 after purchasing an additional 143 shares during the last quarter. Finally, Natural Investments LLC grew its stake in Nextpower by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock worth $1,239,000 after buying an additional 155 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.