Nextpower (NASDAQ:NXT) Given New $115.00 Price Target at Piper Sandler

Nextpower (NASDAQ:NXT) had its price target raised by equities research analysts at Piper Sandler from $110.00 to $115.00 in a research report issued on Monday, Benzinga reports. The firm presently has an “overweight” rating on the stock. Piper Sandler‘s target price would suggest a potential upside of 11.13% from the stock’s previous close.

A number of other equities analysts also recently weighed in on the company. Cantor Fitzgerald boosted their target price on Nextpower from $55.00 to $125.00 and gave the stock an “overweight” rating in a research note on Thursday. Guggenheim raised Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Wednesday, July 15th. Zacks Research downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Barclays dropped their price target on Nextpower from $147.00 to $146.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. Finally, Royal Bank Of Canada cut their price objective on Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and a consensus price target of $135.37.

Nextpower Stock Down 1.4%

Nextpower stock traded down $1.42 during midday trading on Monday, hitting $103.48. 631,841 shares of the stock were exchanged, compared to its average volume of 2,455,892. Nextpower has a 52-week low of $75.40 and a 52-week high of $163.13. The stock has a market capitalization of $15.58 billion, a price-to-earnings ratio of 26.13, a price-to-earnings-growth ratio of 2.19 and a beta of 1.93. The business’s 50-day moving average price is $83.73 and its 200-day moving average price is $106.73.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.10 by $0.21. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. On average, sell-side analysts predict that Nextpower will post 4.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Nextpower

In other Nextpower news, Director Brandi Thomas sold 7,415 shares of the stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total transaction of $676,618.75. Following the completion of the transaction, the director owned 7,914 shares in the company, valued at $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, President Howard Wenger sold 11,176 shares of Nextpower stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the completion of the transaction, the president owned 419,868 shares of the company’s stock, valued at $43,993,769.04. The trade was a 2.59% decrease in their position. 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 30,506 shares of company stock worth $2,845,969 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of NXT. Trillium Asset Management LLC raised its holdings in Nextpower by 68.9% during the 3rd quarter. Trillium Asset Management LLC now owns 169,432 shares of the company’s stock valued at $13,204,000 after acquiring an additional 69,089 shares during the period. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Nextpower during the third quarter worth $32,000. Aberdeen Group plc lifted its position in shares of Nextpower by 1,138.4% during the third quarter. Aberdeen Group plc now owns 409,762 shares of the company’s stock worth $31,933,000 after acquiring an additional 376,675 shares in the last quarter. William Blair Investment Management LLC boosted its holdings in shares of Nextpower by 70.8% in the third quarter. William Blair Investment Management LLC now owns 1,147,561 shares of the company’s stock worth $89,429,000 after acquiring an additional 475,794 shares during the period. Finally, Allworth Financial LP boosted its holdings in shares of Nextpower by 28.5% in the third quarter. Allworth Financial LP now owns 1,720 shares of the company’s stock worth $134,000 after acquiring an additional 381 shares during the period. 67.41% of the stock is owned by institutional investors.

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.

Serving customers in markets around the world, the company traces its roots to Nextracker, which was founded in 2013.