Nextpower (NASDAQ:NXT) Price Target Raised to $125.00

Nextpower (NASDAQ:NXT) had its target price lifted by research analysts at Cantor Fitzgerald from $55.00 to $125.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the stock. Cantor Fitzgerald‘s price target would suggest a potential upside of 17.15% from the company’s previous close.

NXT has been the subject of several other research reports. Deutsche Bank Aktiengesellschaft set a $137.00 price target on shares of Nextpower in a research report on Monday, August 3rd. Barclays decreased their price target on shares of Nextpower from $147.00 to $146.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. Mizuho lowered their price objective on shares of Nextpower from $111.00 to $101.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. Wells Fargo & Company dropped their price objective on Nextpower from $151.00 to $125.00 and set an “overweight” rating for the company in a report on Friday, October 30th. Finally, Truist Financial increased their target price on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and an average price target of $135.19.

Nextpower Price Performance

NXT opened at $106.70 on Thursday. Nextpower has a 12 month low of $75.40 and a 12 month high of $163.13. The business has a 50-day moving average of $83.18 and a two-hundred day moving average of $106.67. The stock has a market capitalization of $16.19 billion, a price-to-earnings ratio of 26.88, a price-to-earnings-growth ratio of 2.00 and a beta of 1.93.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Wednesday, October 28th. The company reported $1.31 earnings per share for the quarter, topping the consensus estimate of $1.10 by $0.21. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. Equities research analysts anticipate that Nextpower will post 4.01 earnings per share for the current year.

Insider Buying and Selling at Nextpower

In related news, President Howard Wenger sold 11,176 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the sale, the president directly owned 419,868 shares in the company, valued at approximately $43,993,769.04. This trade represents a 2.59% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the business’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 value of $359,910.00. Following the transaction, the chief financial officer directly owned 354,000 shares in the company, valued at $28,312,920. This trade 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. In the last three months, insiders have sold 98,142 shares of company stock worth $9,817,212. Corporate insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

Several large investors have recently bought and sold shares of NXT. Pictet Asset Management Holding SA lifted its position in shares of Nextpower by 69.2% during the third quarter. Pictet Asset Management Holding SA now owns 4,334,659 shares of the company’s stock worth $337,899,000 after purchasing an additional 1,772,231 shares in the last quarter. Fundsmith LLP acquired a new stake in Nextpower during the 2nd quarter valued at $340,275,000. Robeco Schweiz AG grew its holdings in Nextpower by 98.8% during the 3rd quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company’s stock valued at $134,124,000 after purchasing an additional 855,460 shares in the last quarter. Bank of America Corp DE increased its stake in Nextpower by 34.6% during the 1st quarter. Bank of America Corp DE now owns 1,568,235 shares of the company’s stock worth $189,051,000 after buying an additional 402,770 shares during the period. Finally, Janus Henderson Group PLC increased its stake in Nextpower by 134.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company’s stock worth $164,488,000 after buying an additional 780,958 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Company Profile

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.