Nextpower (NASDAQ:NXT) Shares Down 7.1% – Here’s Why

Nextpower Inc. (NASDAQ:NXT)’s stock price was down 7.1% during trading on Wednesday . The stock traded as low as $110.79 and last traded at $110.7640. Approximately 1,079,979 shares changed hands during trading, a decline of 48% from the average daily volume of 2,085,185 shares. The stock had previously closed at $119.27.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on NXT shares. Weiss Ratings raised Nextpower from a “buy (b-)” rating to a “buy (b)” rating in a research note on Wednesday, May 20th. Citigroup lifted their price objective on Nextpower from $114.00 to $145.00 and gave the stock a “buy” rating in a research report on Wednesday, May 13th. KeyCorp lifted their price objective on Nextpower from $152.00 to $164.00 and gave the stock an “overweight” rating in a research report on Friday, May 29th. Mizuho lifted their price objective on Nextpower from $130.00 to $142.00 and gave the stock a “neutral” rating in a research report on Monday. Finally, Northland Securities increased their price objective on Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a research note on Friday, May 29th. Twenty equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Nextpower currently has a consensus rating of “Moderate Buy” and a consensus price target of $147.77.

Nextpower Stock Performance

The company has a fifty day simple moving average of $124.40 and a two-hundred day simple moving average of $110.68. The company has a market capitalization of $16.99 billion, a price-to-earnings ratio of 29.52, a P/E/G ratio of 2.98 and a beta of 1.73.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, beating the consensus estimate of $0.89 by $0.16. The company had revenue of $880.52 million during the quarter, compared to the consensus estimate of $826.26 million. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, analysts expect that Nextpower Inc. will post 3.69 EPS for the current year.

Insider Buying and Selling

In other Nextpower news, CEO Daniel S. Shugar sold 26,077 shares of the business’s stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value of $3,513,093.44. Following the completion of the transaction, the chief executive officer directly owned 931,419 shares in the company, valued at approximately $125,480,767.68. The trade was a 2.72% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 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. Also, COO Nicholas Marco Miller sold 24,511 shares of the company’s stock in a transaction on Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total value of $3,120,740.52. Following the sale, the chief operating officer owned 221,533 shares of the company’s stock, valued at approximately $28,205,581.56. The trade was a 9.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 168,574 shares of company stock worth $22,559,770 in the last three months. 0.56% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nextpower

A number of large investors have recently modified their holdings of NXT. Rathbones Group PLC purchased a new stake in Nextpower during the 1st quarter worth approximately $1,146,000. Parallel Advisors LLC increased its holdings in Nextpower by 7.4% during the 1st quarter. Parallel Advisors LLC now owns 7,928 shares of the company’s stock worth $956,000 after purchasing an additional 543 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of Nextpower by 908.6% in the 1st quarter. NewEdge Advisors LLC now owns 6,354 shares of the company’s stock valued at $766,000 after acquiring an additional 5,724 shares in the last quarter. Optiver Holding B.V. acquired a new stake in Nextpower during the first quarter worth approximately $104,000. Finally, Alpine Woods Capital Investors LLC bought a new stake in shares of Nextpower during the first quarter worth $297,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.