Nextpower (NASDAQ:NXT) CFO Charles Boynton Sells 4,500 Shares of Stock

Nextpower Inc. (NASDAQ:NXT) CFO Charles Boynton sold 4,500 shares of Nextpower stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total transaction of $359,910.00. Following the completion of the transaction, the chief financial officer owned 354,000 shares of the company’s stock, valued at $28,312,920. This trade represents a 1.26% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Stock Down 0.6%

Nextpower stock traded down $0.52 during mid-day trading on Wednesday, reaching $82.55. 1,711,518 shares of the company’s stock were exchanged, compared to its average volume of 2,438,770. Nextpower Inc. has a twelve month low of $64.30 and a twelve month high of $163.13. The company has a market cap of $12.53 billion, a P/E ratio of 21.39, a P/E/G ratio of 1.65 and a beta of 1.95. The company has a fifty day moving average of $100.90 and a 200-day moving average of $113.93.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping the consensus estimate 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. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. Equities research analysts expect that Nextpower Inc. will post 3.7 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Nextpower

Several large investors have recently bought and sold shares of the stock. California State Teachers Retirement System boosted its position in shares of Nextpower by 11,488.4% in the 2nd quarter. California State Teachers Retirement System now owns 20,045,186 shares of the company’s stock valued at $2,388,183,000 after purchasing an additional 19,872,209 shares during the period. State Street Corp increased its holdings in shares of Nextpower by 0.6% in the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock valued at $398,932,000 after acquiring an additional 31,689 shares during the period. Geode Capital Management LLC increased its holdings in shares of Nextpower by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock valued at $350,385,000 after acquiring an additional 236,593 shares during the period. Invesco Ltd. boosted its stake in Nextpower by 5.1% during the 4th quarter. Invesco Ltd. now owns 2,864,660 shares of the company’s stock worth $249,541,000 after purchasing an additional 139,211 shares during the period. Finally, Fundsmith LLP acquired a new stake in Nextpower during the 2nd quarter worth $340,275,000. Institutional investors and hedge funds own 67.41% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on NXT shares. Loop Capital set a $135.00 target price on shares of Nextpower in a research note on Wednesday, May 13th. Freedom Capital raised shares of Nextpower from a “hold” rating to a “strong-buy” rating in a research report on Friday, July 31st. Weiss Ratings lowered shares of Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, July 29th. Zacks Research cut shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Finally, Royal Bank Of Canada lowered their target price on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $146.12.

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.