Nextpower (NASDAQ:NXT) Price Target Cut to $136.00 by Analysts at JPMorgan Chase & Co.

Nextpower (NASDAQ:NXT) had its price objective dropped by analysts at JPMorgan Chase & Co. from $152.00 to $136.00 in a report issued on Monday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 70.64% from the company’s current price.

NXT has been the subject of several other reports. TD Cowen upgraded Nextpower to a “hold” rating in a research report on Monday, October 5th. Barclays lowered their price objective on Nextpower from $147.00 to $146.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 13th. Robert W. Baird dropped their price objective on shares of Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a research note on Tuesday, September 22nd. Royal Bank Of Canada cut their target price on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Finally, Citigroup decreased their target price on shares of Nextpower from $132.00 to $121.00 and set a “buy” rating for the company in a research note on Wednesday, October 7th. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Nextpower has an average rating of “Moderate Buy” and an average target price of $140.85.

Nextpower Stock Performance

NASDAQ NXT traded down $0.34 during trading hours on Monday, reaching $79.70. The stock had a trading volume of 1,697,257 shares, compared to its average volume of 2,383,223. Nextpower has a 52-week low of $76.71 and a 52-week high of $163.13. The stock has a fifty day moving average of $85.97 and a 200 day moving average of $106.41. The stock has a market cap of $12.09 billion, a P/E ratio of 20.65, a price-to-earnings-growth ratio of 1.93 and a beta of 1.94.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. On average, equities research analysts forecast that Nextpower will post 3.80 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Daniel S. Shugar sold 67,636 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer owned 871,131 shares in the company, valued at $89,787,472.17. This trade represents a 7.20% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, President Howard Wenger sold 11,176 shares of Nextpower stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the completion of the sale, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This represents a 2.59% 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. Over the last three months, insiders sold 100,431 shares of company stock valued at $10,039,748. 0.84% of the stock is owned by insiders.

Hedge Funds Weigh In On Nextpower

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Root Financial Partners LLC boosted its stake in Nextpower by 30.0% during the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after purchasing an additional 103 shares during the last quarter. Signature Equity Partners LLC raised its position in shares of Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Nextpower by 2.0% in the first quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock valued at $719,000 after buying an additional 119 shares during the last quarter. Evexia Wealth LLC lifted its stake in shares of Nextpower by 2.2% in the first quarter. Evexia Wealth LLC now owns 6,620 shares of the company’s stock worth $738,000 after buying an additional 143 shares in the last quarter. Finally, Fifth Third Wealth Advisors LLC lifted its stake in shares of Nextpower by 4.8% in the first quarter. Fifth Third Wealth Advisors LLC now owns 3,810 shares of the company’s stock worth $459,000 after buying an additional 173 shares in the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

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.