Nextpower (NASDAQ:NXT) Shares Up 7.6% on Analyst Upgrade
by Kim Johansen · The Markets DailyNextpower Inc. (NASDAQ:NXT – Get Free Report)’s stock price traded up 7.6% on Tuesday after TD Cowen upgraded the stock to a hold rating. The company traded as high as $88.89 and last traded at $89.2480. 998,258 shares traded hands during trading, a decline of 58% from the average daily volume of 2,386,691 shares. The stock had previously closed at $82.97.
A number of other research analysts also recently commented on the company. Piper Sandler dropped their price target on Nextpower from $116.00 to $110.00 and set an “overweight” rating for the company in a research note on Wednesday, September 30th. Roth Capital reiterated a “buy” rating and set a $175.00 price objective on shares of Nextpower in a research note on Tuesday, July 28th. Barclays raised their target price on shares of Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. Zacks Research downgraded shares of Nextpower from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. Finally, Truist Financial increased their price target on shares of Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $143.19.
Check Out Our Latest Stock Report on Nextpower
Insider Buying and Selling at Nextpower
In related news, Director Brandi Thomas sold 7,415 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the transaction, the director owned 7,914 shares of the company’s stock, valued at $722,152.50. This represents a 48.37% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Charles Boynton sold 4,500 shares of the business’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total transaction of $359,910.00. Following the sale, the chief financial officer directly owned 354,000 shares in the company, valued at approximately $28,312,920. The trade was a 1.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,431 shares of company stock worth $10,039,748 over the last 90 days. 0.84% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Nextpower
Institutional investors and hedge funds have recently bought and sold shares of the company. Fundsmith LLP bought a new stake in shares of Nextpower during the second quarter worth about $340,275,000. Bank of America Corp DE boosted its position in Nextpower by 34.6% during the 1st quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock worth $189,051,000 after buying an additional 402,770 shares during the period. Janus Henderson Group PLC grew its holdings in Nextpower by 134.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after acquiring an additional 780,958 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Nextpower by 47.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 1,288,280 shares of the company’s stock worth $112,222,000 after acquiring an additional 412,816 shares during the last quarter. Finally, Assetmark Inc. increased its position in Nextpower by 96.6% in the 1st quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock valued at $101,378,000 after acquiring an additional 413,142 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.
Nextpower Trading Up 8.0%
The company’s 50-day simple moving average is $87.98 and its 200-day simple moving average is $108.58. The stock has a market capitalization of $13.60 billion, a price-to-earnings ratio of 23.16, a PEG ratio of 1.67 and a beta of 1.94.
Nextpower (NASDAQ:NXT – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. On average, equities research analysts expect that Nextpower Inc. will post 3.76 earnings per share for the current fiscal year.
About Nextpower
Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.
The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.