Glj Research Reaffirms Buy Rating for Nextpower (NASDAQ:NXT)

Nextpower (NASDAQ:NXT)‘s stock had its “buy” rating reiterated by Glj Research in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $149.00 price objective on the stock. Glj Research’s price target suggests a potential upside of 51.36% from the company’s previous close.

A number of other analysts have also recently commented on NXT. Freedom Capital raised Nextpower from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Robert W. Baird raised their target price on shares of Nextpower from $133.00 to $156.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Loop Capital set a $135.00 price target on shares of Nextpower in a report on Wednesday, May 13th. Weiss Ratings lowered Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, Wall Street Zen lowered Nextpower from a “buy” rating to a “hold” rating in a report on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $146.12.

Nextpower Price Performance

Shares of NXT stock opened at $98.44 on Wednesday. The stock’s fifty day moving average price is $116.05 and its 200 day moving average price is $116.36. Nextpower has a 1-year low of $52.61 and a 1-year high of $163.13. The company has a market cap of $14.79 billion, a price-to-earnings ratio of 25.50, a price-to-earnings-growth ratio of 1.80 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The company had revenue of $935.17 million during the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. As a group, equities research analysts anticipate that Nextpower will post 3.75 earnings per share for the current year.

Insider Activity at Nextpower

In other news, CFO Charles D. Boynton sold 4,500 shares of the company’s stock in a transaction on Monday, June 1st. The shares were sold at an average price of $151.79, for a total transaction of $683,055.00. Following the completion of the sale, the chief financial officer owned 358,500 shares of the company’s stock, valued at $54,416,715. This represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Nicholas Marco Miller sold 22,427 shares of the business’s stock in a transaction dated Friday, May 29th. The stock was sold at an average price of $156.00, for a total transaction of $3,498,612.00. Following the transaction, the chief operating officer owned 186,194 shares in the company, valued at $29,046,264. The trade was a 10.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 168,574 shares of company stock worth $22,559,770 over the last 90 days. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Institutional investors and hedge funds have recently bought and sold shares of the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after acquiring an additional 71,842 shares during the period. M&T Bank Corp purchased a new position in shares of Nextpower during the 2nd quarter worth $223,000. EverSource Wealth Advisors LLC increased its position in shares of Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares during the last quarter. Cerity Partners LLC raised its holdings in Nextpower by 154.0% in the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock valued at $1,008,000 after buying an additional 11,239 shares during the period. Finally, California Public Employees Retirement System increased its position in shares of Nextpower by 36.5% during the second quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock valued at $12,122,000 after acquiring an additional 59,573 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.