Nextpower (NASDAQ:NXT) Shares Gap Up After Analyst Upgrade

Nextpower Inc. (NASDAQ:NXT) gapped up prior to trading on Thursday after Bank of America raised their price target on the stock from $102.00 to $108.00. The stock had previously closed at $100.32, but opened at $105.58. Bank of America currently has a buy rating on the stock. Nextpower shares last traded at $105.02, with a volume of 351,316 shares traded.

NXT has been the topic of several other reports. Deutsche Bank Aktiengesellschaft set a $99.00 target price on shares of Nextpower and gave the company a “buy” rating in a report on Friday, October 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. Mizuho set a $76.00 price objective on shares of Nextpower in a research report on Monday, October 20th. Royal Bank Of Canada raised their target price on Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a report on Thursday, November 13th. Finally, Needham & Company LLC started coverage on Nextpower in a report on Wednesday, October 22nd. They set a “buy” rating and a $102.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $99.10.

Insider Activity at Nextpower

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of the stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the transaction, the chief accounting officer directly owned 130,967 shares in the company, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director William D. Watkins sold 10,000 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total value of $918,500.00. Following the sale, the director owned 16,777 shares in the company, valued at approximately $1,540,967.45. This trade represents a 37.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 91,468 shares of company stock valued at $8,246,979 in the last 90 days. 0.56% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextpower

Institutional investors have recently added to or reduced their stakes in the business. Signaturefd LLC raised its stake in shares of Nextpower by 4.1% during the fourth quarter. Signaturefd LLC now owns 3,216 shares of the company’s stock valued at $280,000 after acquiring an additional 126 shares during the last quarter. Allworth Financial LP increased its holdings in Nextpower by 16.8% in the third quarter. Allworth Financial LP now owns 979 shares of the company’s stock valued at $72,000 after purchasing an additional 141 shares during the period. Natural Investments LLC raised its position in Nextpower by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock worth $1,239,000 after purchasing an additional 155 shares during the last quarter. Fifth Third Bancorp raised its position in Nextpower by 15.9% during the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after purchasing an additional 173 shares during the last quarter. Finally, Baillie Gifford & Co. lifted its holdings in Nextpower by 76.5% during the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after buying an additional 182 shares during the period. 67.41% of the stock is owned by institutional investors.

Nextpower Trading Down 0.2%

The stock has a market cap of $15.58 billion, a P/E ratio of 27.27, a price-to-earnings-growth ratio of 3.63 and a beta of 2.38. The business has a 50-day simple moving average of $91.27 and a 200 day simple moving average of $80.19.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings data on Thursday, October 23rd. The company reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.21. The company had revenue of $905.27 million during the quarter, compared to the consensus estimate of $839.53 million. Nextpower had a return on equity of 35.05% and a net margin of 17.08%. As a group, equities analysts expect that Nextpower Inc. will post 3.29 earnings per share for the current year.

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.