Cantor Fitzgerald Issues Positive Forecast for Nextpower (NASDAQ:NXT) Stock Price

Nextpower (NASDAQ:NXT) had its target price increased by equities researchers at Cantor Fitzgerald from $55.00 to $125.00 in a report released on Thursday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s price target suggests a potential upside of 17.15% from the company’s previous close.

NXT has been the topic of a number of other reports. Needham & Company LLC dropped their price target on shares of Nextpower from $149.00 to $143.00 and set a “buy” rating on the stock in a research note on Thursday, October 29th. Royal Bank Of Canada reduced their price objective on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a research report on Friday, July 31st. Wells Fargo & Company lowered their price objective on Nextpower from $151.00 to $125.00 and set an “overweight” rating on the stock in a report on Friday, October 30th. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Wednesday, July 15th. Finally, UBS Group cut their target price on Nextpower from $160.00 to $140.00 and set a “buy” rating for the company in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $135.19.

Nextpower Price Performance

NASDAQ:NXT opened at $106.70 on Thursday. The firm’s fifty day moving average price is $83.18 and its 200 day moving average price is $106.67. Nextpower has a 1-year low of $75.40 and a 1-year high of $163.13. The firm has a market cap of $16.19 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 2.00 and a beta of 1.93.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.10 by $0.21. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. As a group, analysts expect that Nextpower will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In related news, Director Julia Blunden sold 3,692 shares of the firm’s stock in a transaction that occurred on Monday, August 24th. The stock was sold at an average price of $84.10, for a total value of $310,497.20. Following the completion of the transaction, the director directly owned 2,742 shares of the company’s stock, valued at $230,602.20. This trade represents a 57.38% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total value of $676,618.75. Following the transaction, the director directly owned 7,914 shares of the company’s stock, valued at approximately $722,152.50. This represents a 48.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 98,142 shares of company stock worth $9,817,212. Corporate insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in NXT. Fundsmith LLP acquired a new position in shares of Nextpower in the second quarter valued at approximately $340,275,000. Pictet Asset Management Holding SA boosted its position in Nextpower by 69.2% during the third quarter. Pictet Asset Management Holding SA now owns 4,334,659 shares of the company’s stock worth $337,899,000 after acquiring an additional 1,772,231 shares during the last quarter. Robeco Schweiz AG boosted its position in Nextpower by 98.8% during the third quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock worth $134,124,000 after acquiring an additional 855,460 shares during the last quarter. Janus Henderson Group PLC grew its stake in Nextpower by 134.3% in 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 period. Finally, Assetmark Inc. grew its stake in Nextpower by 96.6% in the 1st quarter. Assetmark Inc. now owns 840,966 shares of the company’s stock worth $101,378,000 after acquiring an additional 413,142 shares during the period. Hedge funds and other institutional investors own 67.41% of the company’s stock.

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.