Nextpower Inc. (NASDAQ:NXT) Stock Has Consensus Price Target of $140.85

Shares of Nextpower Inc. (NASDAQ:NXT) have been assigned a consensus recommendation of “Moderate Buy” from the twenty-eight brokerages that are currently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a hold recommendation, twenty-three have given a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $139.77.

Several research analysts have recently commented on NXT shares. Robert W. Baird lowered their target price on shares of Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. Zacks Research cut Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Guggenheim upgraded Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Wednesday, July 15th. Piper Sandler reduced their price target on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 30th. Finally, Citigroup cut their target price on Nextpower from $121.00 to $111.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st.

Nextpower Stock Up 3.9%

Shares of NASDAQ NXT opened at $79.44 on Wednesday. The stock’s fifty day moving average price is $83.01 and its two-hundred day moving average price is $106.86. Nextpower has a one year low of $75.40 and a one year high of $163.13.

Nextpower (NASDAQ:NXT) last announced its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Equities research analysts expect that Nextpower will post 3.80 EPS for the current year.

Insider Transactions at Nextpower

In other news, President Howard Wenger sold 11,176 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $43,993,769.04. This represents a 2.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,723 shares of the stock in a transaction that occurred on Friday, August 21st. The stock was sold at an average price of $88.08, for a total transaction of $327,921.84. Following the sale, the director owned 6,434 shares in the company, valued at $566,706.72. This represents a 36.65% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 100,431 shares of company stock worth $10,039,748. Corporate insiders own 0.84% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Several institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Signature Equity Partners LLC increased its stake in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after purchasing an additional 113 shares during the last quarter. Continuum Advisory LLC acquired a new position in Nextpower during the second quarter worth about $37,000. Root Financial Partners LLC lifted its holdings in shares of Nextpower by 30.0% in the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after acquiring an additional 103 shares during the last quarter. Trust Co. of Vermont acquired a new stake in shares of Nextpower in the 2nd quarter valued at approximately $63,000. Finally, Westfuller Advisors LLC acquired a new position in Nextpower during the 1st quarter worth approximately $66,000. 67.41% of the stock is currently owned by institutional investors.

Nextpower Company Profile

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.