Nextpower (NASDAQ:NXT) CEO Sells $4,030,687.68 in Stock

Nextpower Inc. (NASDAQ:NXT) CEO Daniel Shugar sold 39,892 shares of the firm’s stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $101.04, for a total transaction of $4,030,687.68. Following the completion of the sale, the chief executive officer owned 584,990 shares in the company, valued at $59,107,389.60. This represents a 6.38% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link.

Nextpower Stock Down 1.9%

NXT traded down $1.97 during mid-day trading on Friday, reaching $101.43. 1,340,087 shares of the company traded hands, compared to its average volume of 2,037,631. The company’s fifty day moving average price is $106.30 and its 200-day moving average price is $91.49. The stock has a market capitalization of $15.06 billion, a P/E ratio of 25.94, a P/E/G ratio of 3.06 and a beta of 2.41. Nextpower Inc. has a 52-week low of $36.06 and a 52-week high of $131.59.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. As a group, sell-side analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank purchased a new position in shares of Nextpower in the second quarter valued at about $140,772,000. William Blair Investment Management LLC bought a new stake in Nextpower during the 3rd quarter valued at approximately $108,739,000. Amundi raised its stake in Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company’s stock valued at $161,600,000 after purchasing an additional 1,287,071 shares during the period. Allianz Asset Management GmbH lifted its holdings in Nextpower by 938.0% in the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock worth $58,788,000 after purchasing an additional 717,991 shares in the last quarter. Finally, Electron Capital Partners LLC boosted its stake in Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock worth $41,909,000 after purchasing an additional 539,668 shares during the period. Institutional investors own 67.41% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on NXT shares. Wall Street Zen cut shares of Nextpower from a “strong-buy” rating to a “buy” rating in a research note on Sunday, January 25th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. BMO Capital Markets reissued a “market perform” rating and set a $104.00 price objective on shares of Nextpower in a research report on Wednesday, January 28th. Jefferies Financial Group lowered Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Sunday, February 8th. Finally, Robert W. Baird set a $126.00 target price on Nextpower in a research report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $108.32.

About Nextpower

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.