Nextpower (NASDAQ:NXT) CEO Daniel Shugar Sells 67,636 Shares of Stock

Nextpower Inc. (NASDAQ:NXT) CEO Daniel Shugar sold 67,636 shares of the business’s stock in a transaction on Monday, August 10th. The shares were 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. This represents a 7.20% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Price Performance

Shares of NXT traded up $1.97 during trading hours on Tuesday, hitting $104.88. The stock had a trading volume of 1,336,472 shares, compared to its average volume of 2,480,693. The company’s fifty day moving average is $112.65 and its two-hundred day moving average is $116.48. Nextpower Inc. has a 52 week low of $52.61 and a 52 week high of $163.13. The stock has a market capitalization of $15.91 billion, a price-to-earnings ratio of 27.17, a P/E/G ratio of 2.07 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.15. The firm 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 analysts predict that Nextpower Inc. will post 3.73 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on NXT. Glj Research reissued a “buy” rating and issued a $149.00 target price on shares of Nextpower in a report on Wednesday, August 5th. Barclays raised their price target on Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a “buy” rating and issued a $168.00 price objective on shares of Nextpower in a research report on Wednesday, July 1st. Weiss Ratings lowered Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. Finally, Mizuho decreased their target price on Nextpower from $142.00 to $111.00 and set a “neutral” rating on the stock in a report on Tuesday, August 4th. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $146.12.

Institutional Trading of Nextpower

Several hedge funds have recently modified their holdings of NXT. Great Lakes Advisors LLC bought a new position in Nextpower in the 2nd quarter worth approximately $482,000. Trust Co. of Vermont acquired a new position in Nextpower during the 2nd quarter worth $63,000. Wedge Capital Management L L P NC boosted its position in Nextpower by 20.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 600,671 shares of the company’s stock valued at $71,564,000 after buying an additional 100,186 shares during the last quarter. E. Ohman J or Asset Management AB boosted its position in Nextpower by 26.5% in the 2nd quarter. E. Ohman J or Asset Management AB now owns 50,098 shares of the company’s stock valued at $5,969,000 after buying an additional 10,500 shares during the last quarter. Finally, Franklin Street Advisors Inc. NC acquired a new stake in shares of Nextpower in the 2nd quarter valued at $684,000. 67.41% of the stock is owned by institutional investors.

About Nextpower

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.