Nextpower (NASDAQ:NXT) Price Target Raised to $120.00

Nextpower (NASDAQ:NXT) had its price objective lifted by Royal Bank Of Canada from $116.00 to $120.00 in a research report sent to investors on Thursday morning,Benzinga reports. Royal Bank Of Canada currently has an outperform rating on the stock.

A number of other analysts have also issued reports on the company. Deutsche Bank set a $137.00 price target on Nextpower in a research note on Monday, August 3rd. Barclays reduced their price objective on Nextpower from $147.00 to $146.00 and set an “overweight” rating for the company in a research note on Tuesday, October 13th. Mizuho decreased their price objective on Nextpower from $111.00 to $101.00 and set a “neutral” rating on the stock in a report on Thursday, October 15th. Truist Financial lifted their target price on shares of Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Finally, Susquehanna dropped their target price on shares of Nextpower from $150.00 to $145.00 and set a “positive” rating for the company in a report on Thursday, October 29th. One analyst has rated the stock with a Strong Buy rating, twenty-four have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $134.93.

Nextpower Stock Performance

Shares of NXT stock traded up $1.43 on Thursday, reaching $95.03. 1,999,538 shares of the company were exchanged, compared to its average volume of 3,263,900. The company has a market cap of $14.31 billion, a price-to-earnings ratio of 23.94, a P/E/G ratio of 1.97 and a beta of 1.93. The business has a 50-day moving average price of $85.28 and a 200 day moving average price of $106.58. Nextpower has a 1 year low of $75.40 and a 1 year high of $163.13.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.21. Nextpower had a return on equity of 25.33% and a net margin of 15.98%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. As a group, equities analysts anticipate that Nextpower will post 3.98 earnings per share for the current year.

Insider Activity

In related news, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the transaction, the director owned 7,914 shares in the company, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Julia Blunden sold 3,692 shares of the business’s stock in a transaction 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 transaction, the director directly owned 2,742 shares in the company, valued at $230,602.20. This trade represents a 57.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 19,330 shares of company stock worth $1,674,948 over the last ninety days. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

A number of hedge funds and other institutional investors have recently modified their holdings of NXT. Headlands Technologies LLC acquired a new position in shares of Nextpower during the 3rd quarter valued at about $390,000. Empowered Funds LLC acquired a new stake in Nextpower during the third quarter worth about $490,000. Polymer Capital Management US LLC increased its position in Nextpower by 739.6% during the third quarter. Polymer Capital Management US LLC now owns 99,100 shares of the company’s stock worth $7,723,000 after purchasing an additional 87,297 shares during the last quarter. First Trust Advisors LP raised its stake in Nextpower by 483.9% during the third quarter. First Trust Advisors LP now owns 3,837,011 shares of the company’s stock worth $299,018,000 after purchasing an additional 3,179,899 shares during the period. Finally, Kayne Anderson Capital Advisors LP purchased a new position in Nextpower during the third quarter worth about $3,985,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextpower Company Profile

Nextpower, Inc., formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project. The company’s offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.