Citigroup Lowers Nextpower (NASDAQ:NXT) Price Target to $132.00

Nextpower (NASDAQ:NXT) had its price objective dropped by investment analysts at Citigroup from $145.00 to $132.00 in a report released on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would indicate a potential upside of 46.15% from the company’s current price.

Other research analysts have also issued reports about the stock. Zacks Research raised shares of Nextpower from a “hold” rating to a “strong-buy” rating in a research note on Monday, July 13th. Wall Street Zen downgraded shares of Nextpower from a “buy” rating to a “hold” rating in a research report on Monday, April 27th. Loop Capital set a $135.00 target price on shares of Nextpower in a report on Wednesday, May 13th. Barclays lifted their price target on Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, Mizuho increased their price objective on Nextpower from $130.00 to $142.00 and gave the stock a “neutral” rating in a research note on Monday, June 8th. One analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $147.38.

Nextpower Stock Performance

Nextpower stock traded up $0.45 during mid-day trading on Monday, reaching $90.32. The stock had a trading volume of 3,325,923 shares, compared to its average volume of 2,469,337. Nextpower has a fifty-two week low of $52.61 and a fifty-two week high of $163.13. The stock’s 50-day simple moving average is $117.50 and its 200-day simple moving average is $116.40. The firm has a market capitalization of $13.57 billion, a PE ratio of 23.46, a price-to-earnings-growth ratio of 1.79 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last issued its 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 company had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. On average, research analysts forecast that Nextpower will post 3.73 earnings per share for the current fiscal year.

Insider Transactions at Nextpower

In related news, COO Nicholas Marco Miller sold 22,427 shares of the stock in a transaction that occurred on Friday, May 29th. The stock was sold at an average price of $156.00, for a total transaction of $3,498,612.00. Following the completion of the sale, the chief operating officer directly owned 186,194 shares of the company’s stock, valued at approximately $29,046,264. This trade represents a 10.75% decrease in their ownership of the stock. The sale was disclosed in a legal 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, President Howard Wenger sold 62,670 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the completion of the transaction, the president directly owned 426,467 shares in the company, valued at approximately $55,547,326.75. This represents a 12.81% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. In the last 90 days, insiders have sold 168,574 shares of company stock worth $22,559,770. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

Large investors have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC grew its position in shares of Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. grew its holdings in Nextpower by 268.7% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after purchasing an additional 223 shares during the period. Signature Equity Partners LLC increased its position in Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after buying an additional 113 shares during the last quarter. Huntington National Bank raised its stake in shares of Nextpower by 480.3% in the fourth quarter. Huntington National Bank now owns 383 shares of the company’s stock valued at $33,000 after buying an additional 317 shares during the period. Finally, Baillie Gifford & Co. boosted its position in shares of Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after acquiring an additional 182 shares during the period. 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.