Nextpower (NASDAQ:NXT) Research Coverage Started at Glj Research

Glj Research initiated coverage on shares of Nextpower (NASDAQ:NXT) in a research note released on Tuesday, Marketbeat reports. The brokerage issued a buy rating and a $147.33 price target on the stock.

Several other equities research analysts have also recently weighed in on NXT. Wells Fargo & Company upped their price target on Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. 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. Bank of America boosted their target price on shares of Nextpower from $102.00 to $108.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. KeyCorp raised shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price on the stock in a research report on Wednesday, January 28th. Finally, Roth Mkm reiterated a “buy” rating and issued a $130.00 price target on shares of Nextpower in a research note on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and seven have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $110.01.

Nextpower Price Performance

Shares of NXT opened at $115.90 on Tuesday. The company has a 50-day simple moving average of $108.36 and a two-hundred day simple moving average of $92.80. The firm has a market capitalization of $17.21 billion, a PE ratio of 29.64, a price-to-earnings-growth ratio of 2.77 and a beta of 2.41. Nextpower has a one year low of $36.06 and a one year high of $131.59.

Nextpower (NASDAQ:NXT) last posted its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share 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%. Analysts expect that Nextpower will post 3.29 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the sale, the chief executive officer directly owned 746,339 shares in the company, valued at $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total transaction of $592,850.00. Following the transaction, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 104,348 shares of company stock valued at $10,876,525 over the last quarter. Company insiders own 0.56% of the company’s stock.

Institutional Investors Weigh In On Nextpower

Large investors have recently added to or reduced their stakes in the stock. Norges Bank bought a new position in shares of Nextpower during the 2nd quarter valued at $140,772,000. William Blair Investment Management LLC bought a new stake in shares of Nextpower in the third quarter worth $108,739,000. Amundi increased its position in Nextpower by 156.1% during the third 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 position in Nextpower by 938.0% during the third quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after acquiring an additional 717,991 shares during the last quarter. Finally, Electron Capital Partners LLC lifted its holdings in Nextpower by 2,017.7% in the third quarter. Electron Capital Partners LLC now owns 566,415 shares of the company’s stock valued at $41,909,000 after acquiring an additional 539,668 shares during the period. Institutional investors 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.