Nextpower (NASDAQ:NXT) Lowered to Buy Rating by Wall Street Zen

Wall Street Zen downgraded shares of Nextpower (NASDAQ:NXT) from a strong-buy rating to a buy rating in a report released on Sunday morning.

Several other research firms have also weighed in on NXT. Royal Bank Of Canada upped their target price on shares of Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a report on Thursday, November 13th. Guggenheim set a $74.00 price target on shares of Nextpower in a research report on Wednesday, October 22nd. Roth Mkm reaffirmed a “buy” rating and set a $120.00 price objective on shares of Nextpower in a report on Thursday, November 13th. Susquehanna lifted their target price on shares of Nextpower from $76.00 to $100.00 and gave the company a “positive” rating in a research note on Monday, October 13th. Finally, Northland Securities set a $111.00 price target on Nextpower in a research report on Tuesday, January 6th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $99.10.

Nextpower Price Performance

Nextpower stock opened at $105.00 on Friday. The business has a 50 day simple moving average of $91.27 and a 200 day simple moving average of $80.42. The company has a market capitalization of $15.58 billion, a PE ratio of 27.27, a price-to-earnings-growth ratio of 3.29 and a beta of 2.38. Nextpower has a one year low of $36.06 and a one year high of $112.74.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, October 23rd. The company reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.21. The firm had revenue of $905.27 million for the quarter, compared to analysts’ expectations of $839.53 million. Nextpower had a return on equity of 35.05% and a net margin of 17.08%. Equities analysts anticipate that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In other news, CAO David P. Bennett sold 33,725 shares of Nextpower stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total value of $918,500.00. Following the sale, the director owned 16,777 shares of the company’s stock, valued at approximately $1,540,967.45. The trade was a 37.35% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 91,468 shares of company stock worth $8,246,979. Insiders own 0.56% of the company’s stock.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently modified their holdings of NXT. Vanguard Group Inc. boosted its stake in Nextpower by 2.0% during the 3rd quarter. Vanguard Group Inc. now owns 14,167,845 shares of the company’s stock worth $1,048,279,000 after acquiring an additional 283,981 shares during the last quarter. Primecap Management Co. CA raised its holdings in Nextpower by 1.1% in the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock worth $417,334,000 after purchasing an additional 83,227 shares during the period. State Street Corp boosted its position in shares of Nextpower by 0.6% during the third quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after purchasing an additional 31,689 shares in the last quarter. Encompass Capital Advisors LLC boosted its position in shares of Nextpower by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock worth $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Finally, Invesco Ltd. grew its holdings in shares of Nextpower by 9.9% in the 3rd quarter. Invesco Ltd. now owns 2,725,449 shares of the company’s stock valued at $201,656,000 after buying an additional 245,412 shares during the period. 67.41% of the stock is owned by institutional investors.

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.