Nextpower (NASDAQ:NXT) Upgraded to “Strong-Buy” at Piper Sandler

Piper Sandler upgraded shares of Nextpower (NASDAQ:NXT) to a strong-buy rating in a research report sent to investors on Tuesday,Zacks reports.

Other equities research analysts have also recently issued reports about the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $131.00 target price on shares of Nextpower in a research report on Friday, July 31st. Wolfe Research reiterated an “outperform” rating and issued a $160.00 price target on shares of Nextpower in a research note on Friday, May 29th. Glj Research reissued a “buy” rating and set a $149.00 price objective on shares of Nextpower in a research note on Wednesday, August 5th. Needham & Company LLC restated a “buy” rating and issued a $149.00 price objective on shares of Nextpower in a report on Friday, May 29th. Finally, Susquehanna lowered their target price on shares of Nextpower from $168.00 to $157.00 and set a “positive” rating for the company in a report on Friday, July 31st. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $144.96.

Nextpower Price Performance

NXT opened at $82.37 on Tuesday. The business has a 50 day simple moving average of $97.30 and a two-hundred day simple moving average of $112.47. The firm has a market capitalization of $12.50 billion, a price-to-earnings ratio of 21.34, a PEG ratio of 1.72 and a beta of 1.92. Nextpower has a one year low of $64.30 and a one year high of $163.13.

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

Insider Transactions at Nextpower

In other news, 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 transaction of $676,618.75. Following the completion of the transaction, the director directly owned 7,914 shares of the company’s stock, valued at $722,152.50. The trade was a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Charles Boynton sold 4,500 shares of the business’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total transaction of $359,910.00. Following the sale, the chief financial officer 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 disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 100,431 shares of company stock valued at $10,039,748. Company insiders own 0.84% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Institutional investors have recently made changes to their positions in the business. Legal & General Group Plc grew its holdings in Nextpower by 4.6% in the fourth quarter. Legal & General Group Plc now owns 414,304 shares of the company’s stock worth $36,090,000 after purchasing an additional 18,380 shares during the last quarter. Flputnam Investment Management Co. purchased a new position in Nextpower in the fourth quarter valued at $615,000. Vestcor Inc increased its holdings in Nextpower by 480.8% in the fourth quarter. Vestcor Inc now owns 21,947 shares of the company’s stock valued at $1,912,000 after buying an additional 18,168 shares in the last quarter. Abacus Wealth Partners LLC acquired a new position in shares of Nextpower in the fourth quarter worth about $1,217,000. Finally, Fideuram Asset Management Ireland dac purchased a new stake in shares of Nextpower during the 4th quarter worth about $622,000. 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.