Nextpower (NASDAQ:NXT) Price Target Raised to $108.00

Nextpower (NASDAQ:NXT) had its price target raised by Bank of America from $102.00 to $108.00 in a research note published on Thursday,Benzinga reports. Bank of America currently has a buy rating on the stock.

Several other research firms have also commented on NXT. Roth Mkm reissued a “buy” rating and set a $120.00 price target on shares of Nextpower in a research report on Thursday, November 13th. Wells Fargo & Company boosted their price objective on shares of Nextpower from $72.00 to $109.00 and gave the stock an “overweight” rating in a research note on Tuesday, October 28th. Mizuho set a $76.00 target price on shares of Nextpower in a research report on Monday, October 20th. Guggenheim set a $74.00 price target on shares of Nextpower in a report on Wednesday, October 22nd. Finally, Barclays upped their price target on Nextpower from $105.00 to $108.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 14th. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have issued a Hold rating to the company. Based on data from MarketBeat.com, Nextpower has a consensus rating of “Moderate Buy” and an average price target of $99.10.

Nextpower Trading Down 0.2%

Shares of NASDAQ NXT opened at $105.00 on Thursday. Nextpower has a 12-month low of $36.06 and a 12-month high of $112.74. The stock’s fifty day simple moving average is $91.27 and its two-hundred day simple moving average is $80.30. The stock has a market capitalization of $15.58 billion, a PE ratio of 27.27, a price-to-earnings-growth ratio of 3.63 and a beta of 2.38.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Thursday, October 23rd. The company reported $1.19 EPS for the quarter, topping the consensus estimate of $0.98 by $0.21. Nextpower had a return on equity of 35.05% and a net margin of 17.08%.The firm had revenue of $905.27 million during the quarter, compared to analyst estimates of $839.53 million. On average, equities analysts predict that Nextpower will post 3.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director William D. Watkins sold 10,000 shares of Nextpower stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $91.85, for a total transaction of $918,500.00. Following the completion of the sale, the director directly owned 16,777 shares in the company, valued at approximately $1,540,967.45. The trade was a 37.35% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel S. Shugar sold 47,743 shares of the company’s stock in a transaction on Monday, November 17th. The shares were sold at an average price of $91.28, for a total value of $4,357,981.04. Following the completion of the transaction, the chief executive officer directly owned 624,882 shares in the company, valued at approximately $57,039,228.96. The trade was a 7.10% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 91,468 shares of company stock valued at $8,246,979. Insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextpower

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

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.