Nextpower (NASDAQ:NXT) Stock Price Crosses Above Fifty Day Moving Average on Analyst Downgrade

by · The Cerbat Gem

Nextpower Inc. (NASDAQ:NXT – Get Free Report) crossed above its 50 day moving average during trading on Monday after TD Cowen upgraded the stock to a hold rating. The stock has a 50 day moving average of $82.51 and traded as high as $92.98. Nextpower shares last traded at $91.13, with a volume of 5,507,775 shares trading hands.

A number of other analysts have also recently weighed in on the stock. Barclays upped their target price on shares of Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Jefferies Financial Group restated a “buy” rating and set a $131.00 price target on shares of Nextpower in a research note on Friday, July 31st. Piper Sandler decreased their price objective on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a report on Wednesday, September 30th. Susquehanna lowered their price objective on Nextpower from $168.00 to $157.00 and set a “positive” rating on the stock in a research note on Friday, July 31st. Finally, Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research note on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $135.23.

Get Our Latest Analysis on Nextpower

Insider Activity at Nextpower

In other news, President Howard Wenger sold 11,176 shares of Nextpower stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the completion of the sale, the president owned 419,868 shares in the company, valued at $43,993,769.04. The trade was a 2.59% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel Shugar sold 67,636 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the sale, the chief executive officer directly owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. This trade represents a 7.20% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 100,431 shares of company stock worth $10,039,748. Insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in NXT. Tidal Investments LLC boosted its holdings in Nextpower by 20.2% during the second quarter. Tidal Investments LLC now owns 102,483 shares of the company’s stock worth $12,210,000 after buying an additional 17,221 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in shares of Nextpower in the 2nd quarter valued at about $1,792,000. Reynders McVeigh Capital Management LLC increased its stake in shares of Nextpower by 15.0% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 157,897 shares of the company’s stock valued at $18,812,000 after acquiring an additional 20,547 shares during the last quarter. Perpetual Ltd raised its position in shares of Nextpower by 16.2% in the 3rd quarter. Perpetual Ltd now owns 194,578 shares of the company’s stock valued at $15,163,000 after acquiring an additional 27,098 shares during the period. Finally, Lombard Odier Asset Management Europe Ltd raised its position in shares of Nextpower by 63.5% in the 1st quarter. Lombard Odier Asset Management Europe Ltd now owns 127,421 shares of the company’s stock valued at $15,361,000 after acquiring an additional 49,505 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Stock Performance

The business’s 50-day moving average is $82.51 and its two-hundred day moving average is $106.62. The firm has a market capitalization of $13.83 billion, a price-to-earnings ratio of 22.95, a P/E/G ratio of 1.98 and a beta of 1.94.

Nextpower (NASDAQ:NXT – Get Free Report) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.10 by $0.21. Nextpower had a net margin of 15.98% and a return on equity of 26.13%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.06 billion. Analysts forecast that Nextpower Inc. will post 3.84 EPS for the current year.

Nextpower Company Profile

(Get Free Report)

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.

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