Nextpower (NASDAQ:NXT) Shares Gap Up – Time to Buy?

Nextpower Inc. (NASDAQ:NXT) shares gapped up prior to trading on Monday. The stock had previously closed at $79.33, but opened at $83.41. Nextpower shares last traded at $89.7150, with a volume of 359,454 shares traded.

Analysts Set New Price Targets

NXT has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft set a $137.00 target price on Nextpower in a research note on Monday, August 3rd. Barclays decreased their target price on Nextpower from $147.00 to $146.00 and set an “overweight” rating for the company in a research report on Tuesday, October 13th. UBS Group cut their target price on shares of Nextpower from $160.00 to $140.00 and set a “buy” rating for the company in a research report on Friday. Northland Securities set a $138.00 price objective on shares of Nextpower in a report on Thursday. Finally, Truist Financial upped their price target on Nextpower from $140.00 to $145.00 and gave the company a “buy” rating in a report on Friday, July 31st. One analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $135.23.

Nextpower Stock Performance

The company has a 50-day moving average price of $82.41 and a 200-day moving average price of $106.67. The company has a market capitalization of $13.90 billion, a price-to-earnings ratio of 23.13, a price-to-earnings-growth ratio of 1.89 and a beta of 1.94.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.10 by $0.21. The business had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. As a group, sell-side analysts anticipate that Nextpower Inc. will post 3.84 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Daniel S. Shugar sold 67,636 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the completion of the sale, the chief executive officer owned 871,131 shares in the company, valued at $89,787,472.17. The trade was a 7.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the sale, the director owned 7,914 shares of the company’s stock, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 100,431 shares of company stock valued at $10,039,748. Corporate insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Nextpower

A number of institutional investors and hedge funds have recently modified their holdings of NXT. Root Financial Partners LLC boosted its stake in shares of Nextpower by 30.0% in the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after buying an additional 103 shares during the last quarter. Signature Equity Partners LLC grew its position in Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after acquiring an additional 113 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Nextpower by 2.0% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock valued at $719,000 after purchasing an additional 119 shares during the period. Sigma Planning Corp lifted its position in Nextpower by 4.9% during the 3rd quarter. Sigma Planning Corp now owns 3,779 shares of the company’s stock valued at $294,000 after acquiring an additional 175 shares during the period. Finally, North Dakota State Investment Board raised its holdings in Nextpower by 4.7% in the 3rd quarter. North Dakota State Investment Board now owns 4,565 shares of the company’s stock worth $356,000 after acquiring an additional 203 shares during the last quarter. 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.