Charles Boynton Sells 4,500 Shares of Nextpower (NASDAQ:NXT) Stock

Nextpower Inc. (NASDAQ:NXT) CFO Charles Boynton sold 4,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the completion of the sale, the chief financial officer directly owned 354,000 shares in the company, valued at approximately $28,312,920. This trade represents a 1.26% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Price Performance

NASDAQ:NXT opened at $83.50 on Friday. The firm has a market capitalization of $12.67 billion, a P/E ratio of 21.63, a P/E/G ratio of 1.66 and a beta of 1.92. The business has a 50 day simple moving average of $99.62 and a 200 day simple moving average of $113.48. Nextpower Inc. has a 12-month low of $64.30 and a 12-month high of $163.13.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.15. The firm had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. Research analysts anticipate that Nextpower Inc. will post 3.7 EPS for the current fiscal year.

Institutional Investors Weigh In On Nextpower

Several institutional investors have recently bought and sold shares of NXT. California State Teachers Retirement System increased its stake in Nextpower by 11,488.4% during the 2nd quarter. California State Teachers Retirement System now owns 20,045,186 shares of the company’s stock valued at $2,388,183,000 after buying an additional 19,872,209 shares during the period. Fundsmith LLP acquired a new stake in shares of Nextpower in the 2nd quarter worth approximately $340,275,000. Norges Bank acquired a new stake in shares of Nextpower in the 4th quarter worth approximately $170,918,000. Amundi boosted its holdings in shares of Nextpower by 156.1% in the third quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after acquiring an additional 1,287,071 shares in the last quarter. Finally, Janus Henderson Group PLC increased its stake in shares of Nextpower by 134.3% during the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock valued at $164,488,000 after acquiring an additional 780,958 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on NXT. Roth Capital reiterated a “buy” rating and issued a $175.00 price objective on shares of Nextpower in a research report on Tuesday, July 28th. Freedom Capital upgraded shares of Nextpower from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Northland Securities raised their price target on shares of Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Mizuho cut their price target on Nextpower from $142.00 to $111.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Finally, Loop Capital set a $135.00 price objective on Nextpower in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

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.