Nextpower (NASDAQ:NXT – Free Report) had its price objective trimmed by Citigroup from $145.00 to $132.00 in a research note published on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.
A number of other research analysts have also issued reports on NXT. Jefferies Financial Group reiterated a “buy” rating and set a $131.00 target price on shares of Nextpower in a research report on Friday, July 31st. Barclays boosted their target price on Nextpower from $142.00 to $147.00 and gave the stock an “overweight” rating in a report on Tuesday, July 7th. BNP Paribas Exane upped their price objective on shares of Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Wednesday, July 15th. Finally, Wolfe Research restated an “outperform” rating and issued a $160.00 target price on shares of Nextpower in a research report on Friday, May 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $146.12.
Nextpower Stock Up 1.4%
Nextpower (NASDAQ:NXT – Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million for the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, equities analysts anticipate that Nextpower will post 3.75 EPS for the current fiscal year.
Insider Activity
In related news, insider Bruce Ledesma sold 3,248 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $437,570.56. Following the sale, the insider owned 246,130 shares in the company, valued at approximately $33,158,633.60. The trade was a 1.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel S. Shugar sold 26,077 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $3,513,093.44. Following the transaction, the chief executive officer directly owned 931,419 shares in the company, valued at approximately $125,480,767.68. The trade was a 2.72% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 168,574 shares of company stock worth $22,559,770 in the last three months. 0.84% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently made changes to their positions in NXT. State Street Corp lifted its holdings in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after buying an additional 31,689 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Nextpower by 6.3% during the fourth quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock worth $350,385,000 after acquiring an additional 236,593 shares during the period. Invesco Ltd. raised its stake in shares of Nextpower by 5.1% in the fourth quarter. Invesco Ltd. now owns 2,864,660 shares of the company’s stock valued at $249,541,000 after acquiring an additional 139,211 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Nextpower by 4.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,429,410 shares of the company’s stock valued at $211,627,000 after acquiring an additional 111,782 shares in the last quarter. Finally, Amundi boosted its holdings in 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 purchasing an additional 1,287,071 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.
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