Insider Selling: Nextpower (NASDAQ:NXT) CFO Sells $359,910.00 in Stock

Nextpower Inc. (NASDAQ:NXT) CFO Charles Boynton sold 4,500 shares of the firm’s stock in a transaction 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 completion of the sale, the chief financial officer directly owned 354,000 shares of the company’s stock, valued at $28,312,920. The trade was a 1.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Price Performance

Shares of NASDAQ:NXT opened at $84.50 on Friday. The business’s 50-day moving average is $99.17 and its 200 day moving average is $113.27. Nextpower Inc. has a 1 year low of $64.30 and a 1 year high of $163.13. The firm has a market capitalization of $12.82 billion, a P/E ratio of 21.89, a P/E/G ratio of 1.68 and a beta of 1.92.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $935.39 million. On average, analysts expect that Nextpower Inc. will post 3.7 EPS for the current year.

Institutional Trading of Nextpower

Large investors have recently made changes to their positions in the business. Legal & General Group Plc raised its stake in shares of Nextpower by 4.6% during the 4th quarter. Legal & General Group Plc now owns 414,304 shares of the company’s stock valued at $36,090,000 after buying an additional 18,380 shares during the last quarter. Gateway Investment Advisers LLC boosted its stake in shares of Nextpower by 215.1% in the fourth quarter. Gateway Investment Advisers LLC now owns 24,006 shares of the company’s stock worth $2,091,000 after buying an additional 16,388 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd acquired a new stake in Nextpower during the fourth quarter worth about $5,081,000. Flputnam Investment Management Co. acquired a new stake in Nextpower during the fourth quarter worth about $615,000. Finally, Vestcor Inc raised its position in Nextpower by 480.8% during the fourth quarter. Vestcor Inc now owns 21,947 shares of the company’s stock valued at $1,912,000 after acquiring an additional 18,168 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the stock. TD Cowen dropped their target price on shares of Nextpower from $135.00 to $118.00 and set a “hold” rating on the stock in a research report on Monday, July 20th. Jefferies Financial Group reiterated a “buy” rating and set a $131.00 price objective on shares of Nextpower in a research note on Friday, July 31st. BMO Capital Markets raised shares of Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective on the stock in a report on Friday, July 31st. The Goldman Sachs Group reissued a “buy” rating and issued a $168.00 target price on shares of Nextpower in a research report on Wednesday, July 1st. Finally, UBS Group restated a “buy” rating and issued a $160.00 target price on shares of Nextpower in a research note on Monday, August 3rd. One investment analyst has 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’s stock. According to data from MarketBeat, Nextpower has an average rating of “Moderate Buy” and a consensus target price of $146.12.

About Nextpower

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.