Needham & Company LLC Reaffirms Buy Rating for Nextpower (NASDAQ:NXT)

Nextpower (NASDAQ:NXT)‘s stock had its “buy” rating reiterated by equities research analysts at Needham & Company LLC in a report issued on Friday,Benzinga reports. They presently have a $149.00 price objective on the stock. Needham & Company LLC’s target price suggests a potential upside of 8.62% from the company’s previous close.

Several other analysts have also issued reports on NXT. KeyCorp reissued an “overweight” rating on shares of Nextpower in a report on Friday, March 13th. TD Cowen boosted their price target on Nextpower from $105.00 to $135.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Wolfe Research reissued an “outperform” rating on shares of Nextpower in a report on Friday. Robert W. Baird lifted their price target on shares of Nextpower from $133.00 to $156.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating and set a $140.00 price target on shares of Nextpower in a report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $137.01.

Nextpower Trading Up 1.0%

NXT opened at $137.17 on Friday. The company has a market cap of $20.37 billion, a price-to-earnings ratio of 35.81, a PEG ratio of 3.34 and a beta of 1.60. The company’s 50 day moving average is $121.07 and its 200 day moving average is $108.11. Nextpower has a 12-month low of $51.69 and a 12-month high of $156.78.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.89 by $0.16. The company had revenue of $880.52 million for the quarter, compared to the consensus estimate of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, analysts predict that Nextpower will post 3.76 EPS for the current fiscal year.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the transaction, the chief executive officer owned 746,339 shares of the company’s stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, President Howard Wenger sold 62,670 shares of Nextpower stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total transaction of $8,162,767.50. Following the transaction, the president directly owned 426,467 shares in the company, valued at $55,547,326.75. This represents a 12.81% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 240,995 shares of company stock worth $28,661,778 over the last ninety days. Company insiders own 0.56% of the company’s stock.

Hedge Funds Weigh In On Nextpower

Several hedge funds have recently modified their holdings of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in shares of Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company’s stock worth $18,436,000 after buying an additional 71,842 shares in the last quarter. M&T Bank Corp bought a new stake in Nextpower in the second quarter worth $223,000. EverSource Wealth Advisors LLC increased its position in Nextpower by 179.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after purchasing an additional 724 shares during the last quarter. Cerity Partners LLC increased its position in Nextpower by 154.0% in the second quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock worth $1,008,000 after purchasing an additional 11,239 shares during the last quarter. Finally, California Public Employees Retirement System increased its position in Nextpower by 36.5% in the second quarter. California Public Employees Retirement System now owns 222,960 shares of the company’s stock worth $12,122,000 after purchasing an additional 59,573 shares during the last quarter. Hedge funds and other 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.