Nextpower (NASDAQ:NXT) Upgraded by Zacks Research to “Strong-Buy” Rating

Zacks Research upgraded shares of Nextpower (NASDAQ:NXT) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks.com reports.

NXT has been the subject of several other research reports. Weiss Ratings downgraded shares of Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a report on Friday, June 26th. BNP Paribas Exane boosted their price objective on Nextpower from $177.00 to $182.00 and gave the company an “outperform” rating in a research report on Friday, May 29th. Wells Fargo & Company upped their price objective on Nextpower from $143.00 to $151.00 and gave the stock an “overweight” rating in a research note on Friday, May 29th. Mizuho increased their target price on Nextpower from $130.00 to $142.00 and gave the stock a “neutral” rating in a research report on Monday, June 8th. Finally, Wolfe Research reissued an “outperform” rating and set a $160.00 target price on shares of Nextpower in a research note on Friday, May 29th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and an average target price of $148.06.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $104.66 on Monday. Nextpower has a 1-year low of $52.61 and a 1-year high of $163.13. The company has a market capitalization of $15.73 billion, a P/E ratio of 27.33, a P/E/G ratio of 1.97 and a beta of 1.86. The firm’s 50 day simple moving average is $124.97 and its two-hundred day simple moving average is $115.44.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.16. The firm had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, sell-side analysts anticipate that Nextpower will post 3.77 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In other news, insider Bruce Ledesma sold 3,248 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $437,570.56. Following the completion of the transaction, the insider owned 246,130 shares in the company, valued at $33,158,633.60. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 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, COO Nicholas Marco Miller sold 24,511 shares of Nextpower stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total value of $3,120,740.52. Following the completion of the sale, the chief operating officer directly owned 221,533 shares in the company, valued at $28,205,581.56. This trade represents a 9.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders have sold 168,574 shares of company stock worth $22,559,770. Insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Several institutional investors have recently added to or reduced their stakes in NXT. Smartleaf Asset Management LLC increased its position in Nextpower by 107.6% in the fourth quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after purchasing an additional 155 shares during the last quarter. Whittier Trust Co. of Nevada Inc. raised its position in Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 223 shares during the period. Signature Equity Partners LLC grew its stake in shares of Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the last quarter. Huntington National Bank raised its holdings in shares of Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after buying an additional 317 shares during the period. Finally, Baillie Gifford & Co. raised its holdings in shares of Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after buying an additional 182 shares during the period. Hedge funds and other institutional investors 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.