Nextpower (NASDAQ:NXT) Price Target Raised to $123.00

Nextpower (NASDAQ:NXT) had its price target lifted by analysts at Barclays from $115.00 to $123.00 in a research report issued on Tuesday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Barclays‘s target price points to a potential upside of 14.32% from the stock’s current price.

Several other equities analysts have also weighed in on NXT. Mizuho set a $81.00 price target on shares of Nextpower in a research report on Friday, January 23rd. BMO Capital Markets restated a “market perform” rating and set a $104.00 price target on shares of Nextpower in a research report on Wednesday, January 28th. Bank of America increased their price target on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a research report on Friday, March 27th. Finally, TD Cowen increased their price target on shares of Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $111.84.

Nextpower Stock Down 0.4%

NXT stock traded down $0.47 during midday trading on Tuesday, reaching $107.59. 619,866 shares of the company’s stock traded hands, compared to its average volume of 1,976,829. The company has a market cap of $15.97 billion, a price-to-earnings ratio of 27.55, a P/E/G ratio of 2.57 and a beta of 2.02. The firm’s fifty day moving average price is $115.66 and its 200-day moving average price is $99.17. Nextpower has a 52 week low of $36.06 and a 52 week high of $131.72.

Nextpower (NASDAQ:NXT) last posted its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (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 firm had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. Analysts forecast that Nextpower will post 3.29 earnings per share for the current year.

Insider Activity

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at $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 Securities & Exchange Commission, which is available through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of the company’s stock in a transaction dated Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the sale, the chief executive officer directly owned 746,339 shares in the company, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 104,348 shares of company stock worth $10,876,525. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Institutional investors have recently added to or reduced their stakes in the business. Westfield Capital Management Co. LP lifted its holdings in shares of Nextpower by 6.1% in the third quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock worth $103,442,000 after buying an additional 80,493 shares in the last quarter. Belpointe Asset Management LLC purchased a new stake in shares of Nextpower in the third quarter worth about $832,000. Strs Ohio lifted its holdings in shares of Nextpower by 219.8% in the third quarter. Strs Ohio now owns 110,000 shares of the company’s stock worth $8,139,000 after buying an additional 75,600 shares in the last quarter. New York Life Investment Management LLC purchased a new stake in shares of Nextpower in the third quarter worth about $1,008,000. Finally, American Century Companies Inc. lifted its holdings in shares of Nextpower by 23.4% in the third quarter. American Century Companies Inc. now owns 675,886 shares of the company’s stock worth $50,009,000 after buying an additional 128,296 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.