Nextpower (NASDAQ:NXT) Cut to “Hold” at Wall Street Zen

Wall Street Zen cut shares of Nextpower (NASDAQ:NXT) from a buy rating to a hold rating in a research note published on Saturday.

Several other equities research analysts have also commented on NXT. UBS Group boosted their price target on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a report on Wednesday, January 28th. KeyCorp restated an “overweight” rating on shares of Nextpower in a report on Friday, March 13th. Needham & Company LLC boosted their price target on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. TD Cowen boosted their price target on shares of Nextpower from $88.00 to $105.00 and gave the company a “hold” rating in a report on Wednesday, January 28th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a report on Friday, March 27th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $113.84.

Nextpower Stock Performance

NASDAQ:NXT opened at $111.55 on Friday. Nextpower has a one year low of $37.16 and a one year high of $131.72. The firm has a market cap of $16.56 billion, a P/E ratio of 28.53, a P/E/G ratio of 2.71 and a beta of 2.02. The firm has a 50-day simple moving average of $115.45 and a 200-day simple moving average of $100.63.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.93 by $0.17. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The business had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. On average, research analysts predict that Nextpower will post 3.29 EPS for the current fiscal year.

Insider Activity at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the business’s 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 completion of the transaction, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director William D. Watkins sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the transaction, the director owned 11,777 shares of the company’s stock, valued at approximately $1,396,398.89. This trade represents a 29.80% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 104,348 shares of company stock valued at $10,876,525. 0.56% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the company. Westfield Capital Management Co. LP increased its stake in Nextpower by 6.1% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,398,057 shares of the company’s stock valued at $103,442,000 after purchasing an additional 80,493 shares in the last quarter. Belpointe Asset Management LLC acquired a new position in Nextpower during the 3rd quarter valued at approximately $832,000. Strs Ohio increased its stake in Nextpower by 219.8% during the 3rd quarter. Strs Ohio now owns 110,000 shares of the company’s stock valued at $8,139,000 after purchasing an additional 75,600 shares in the last quarter. New York Life Investment Management LLC acquired a new position in Nextpower during the 3rd quarter valued at approximately $1,008,000. Finally, American Century Companies Inc. increased its stake in Nextpower by 23.4% during the 3rd quarter. American Century Companies Inc. now owns 675,886 shares of the company’s stock valued at $50,009,000 after purchasing an additional 128,296 shares in the last quarter. 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.