Nextpower (NASDAQ:NXT) Stock Gets Price Target Trim from Citigroup

Nextpower (NASDAQ:NXT) had its price target decreased by Citigroup from $121.00 to $111.00 in a report issued on Wednesday,Benzinga reports. Citigroup currently has a buy rating on the stock.

Other analysts have also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft set a $137.00 price objective on shares of Nextpower in a report on Monday, August 3rd. TD Cowen upgraded shares of Nextpower to a “hold” rating in a report on Monday, October 5th. Glj Research reaffirmed a “buy” rating and issued a $149.00 target price on shares of Nextpower in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, Zacks Research lowered Nextpower from a “strong-buy” rating to a “hold” rating in a report on Tuesday, August 11th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Nextpower currently has a consensus rating of “Moderate Buy” and an average price target of $139.77.

Nextpower Stock Performance

NASDAQ:NXT opened at $78.89 on Wednesday. The stock has a 50-day simple moving average of $83.56 and a 200-day simple moving average of $105.17. The stock has a market cap of $11.97 billion, a P/E ratio of 20.44, a P/E/G ratio of 1.87 and a beta of 1.94. Nextpower has a 1 year low of $75.40 and a 1 year high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. On average, equities research analysts predict that Nextpower will post 3.80 EPS for the current year.

Insider Buying and Selling at Nextpower

In related news, President Howard Wenger sold 11,176 shares of the stock in a transaction 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. This represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the 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 owned 354,000 shares of the company’s stock, valued at approximately $28,312,920. This represents a 1.26% 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. In the last quarter, insiders sold 100,431 shares of company stock valued at $10,039,748. 0.84% of the stock is owned by company insiders.

Institutional Investors Weigh In On Nextpower

Institutional investors and hedge funds have recently made changes to their positions in the business. Fundsmith LLP purchased a new position in Nextpower during the second quarter worth about $340,275,000. Robeco Schweiz AG boosted its holdings in Nextpower by 98.8% in the 3rd quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock valued at $134,124,000 after purchasing an additional 855,460 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in Nextpower by 134.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock valued at $164,488,000 after purchasing an additional 780,958 shares in the last quarter. Assetmark Inc. boosted its holdings 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 purchasing an additional 413,142 shares in the last quarter. Finally, Bank of America Corp DE increased 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 purchasing an additional 402,770 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

About Nextpower

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.