Nextpower (NASDAQ:NXT) Stock Price Down 4.9% – Should You Sell?

Nextpower Inc. (NASDAQ:NXT) shares fell 4.9% on Thursday . The company traded as low as $112.76 and last traded at $114.4880. 737,860 shares changed hands during trading, a decline of 63% from the average session volume of 1,985,272 shares. The stock had previously closed at $120.38.

Analysts Set New Price Targets

A number of brokerages have commented on NXT. Roth Mkm reiterated a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a report on Wednesday, January 28th. KeyCorp reaffirmed an “overweight” rating on shares of Nextpower in a research report on Friday, March 13th. BMO Capital Markets reissued a “market perform” rating and issued a $104.00 price target on shares of Nextpower in a report on Wednesday, January 28th. Northland Securities set a $111.00 price objective on Nextpower in a research note on Tuesday, January 6th. Finally, Needham & Company LLC upped their target price on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research report on Thursday, January 29th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and six have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $111.49.

Nextpower Trading Down 5.8%

The company has a market cap of $16.85 billion, a P/E ratio of 29.02, a P/E/G ratio of 2.86 and a beta of 2.01. The company’s 50-day moving average price is $115.33 and its two-hundred day moving average price is $98.06.

Nextpower (NASDAQ:NXT) last issued its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The business had revenue of $909.35 million for the quarter, compared to analyst estimates of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. As a group, analysts anticipate that Nextpower Inc. will post 3.29 earnings per share for the current year.

Insider Buying and Selling

In other news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of the business’s 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 owned 746,339 shares of the company’s stock, valued at $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 104,348 shares of company stock worth $10,876,525. 0.56% of the stock is currently owned by company insiders.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently modified their holdings of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in shares of Nextpower by 19.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock valued at $18,436,000 after buying an additional 71,842 shares during the last quarter. Russell Investments Group Ltd. raised its position in shares of Nextpower by 154.6% during the 2nd quarter. Russell Investments Group Ltd. now owns 158,721 shares of the company’s stock worth $8,630,000 after purchasing an additional 96,377 shares during the period. Hsbc Holdings PLC lifted its holdings in shares of Nextpower by 53.0% in the 2nd quarter. Hsbc Holdings PLC now owns 113,308 shares of the company’s stock worth $6,170,000 after purchasing an additional 39,270 shares during the last quarter. Norges Bank bought a new position in Nextpower during the 2nd quarter worth $140,772,000. Finally, Lido Advisors LLC grew its stake in Nextpower by 33.2% during the 2nd quarter. Lido Advisors LLC now owns 8,333 shares of the company’s stock worth $453,000 after buying an additional 2,076 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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.