Nextpower (NASDAQ:NXT) CFO Charles Boynton Sells 4,500 Shares of Stock

Nextpower Inc. (NASDAQ:NXT) CFO Charles Boynton sold 4,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total transaction of $359,910.00. Following the completion of the sale, the chief financial officer directly owned 354,000 shares of the company’s stock, valued at approximately $28,312,920. This represents a 1.26% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Price Performance

NASDAQ NXT opened at $82.55 on Thursday. Nextpower Inc. has a 12 month low of $64.30 and a 12 month high of $163.13. The firm has a market capitalization of $12.53 billion, a PE ratio of 21.39, a P/E/G ratio of 1.67 and a beta of 1.92. The company’s 50 day simple moving average is $100.22 and its 200 day simple moving average is $113.71.

Nextpower (NASDAQ:NXT) last announced its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.05 by $0.15. The firm had revenue of $935.17 million for the quarter, compared to analysts’ expectations of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. Sell-side analysts anticipate that Nextpower Inc. will post 3.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Loop Capital set a $135.00 price objective on Nextpower in a report on Wednesday, May 13th. BMO Capital Markets raised Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 target price on the stock in a report on Friday, July 31st. Mizuho dropped their price target on shares of Nextpower from $142.00 to $111.00 and set a “neutral” rating on the stock in a research report on Tuesday, August 4th. Northland Securities upped their price target on shares of Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Finally, Guggenheim upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Wednesday, July 15th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

Institutional Investors Weigh In On Nextpower

Large investors have recently modified their holdings of the stock. California State Teachers Retirement System grew its holdings in shares of Nextpower by 11,488.4% in the 2nd quarter. California State Teachers Retirement System now owns 20,045,186 shares of the company’s stock worth $2,388,183,000 after acquiring an additional 19,872,209 shares during the last quarter. Fundsmith LLP purchased a new stake in shares of Nextpower during the second quarter valued at $340,275,000. Norges Bank acquired a new position in shares of Nextpower in the 4th quarter valued at $170,918,000. Amundi boosted its position 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 purchasing an additional 1,287,071 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Nextpower by 134.3% in the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after purchasing an additional 780,958 shares in the last quarter. 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.