Robert W. Baird Cuts Nextpower (NASDAQ:NXT) Price Target to $116.00

Nextpower (NASDAQ:NXT) had its target price decreased by Robert W. Baird from $156.00 to $116.00 in a research note issued to investors on Tuesday morning, Marketbeat reports. Robert W. Baird currently has an outperform rating on the stock.

A number of other equities analysts have also recently issued reports on NXT. Royal Bank Of Canada dropped their price objective on Nextpower from $149.00 to $147.00 and set an “outperform” rating for the company in a report on Friday, July 31st. Truist Financial increased their target price on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Susquehanna decreased their target price on Nextpower from $168.00 to $157.00 and set a “positive” rating for the company in a research report on Friday, July 31st. Mizuho lowered their target price on shares of Nextpower from $142.00 to $111.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Finally, TD Cowen cut their price target on shares of Nextpower from $135.00 to $118.00 and set a “hold” rating on the stock in a report on Monday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $143.42.

Nextpower Trading Down 2.2%

Shares of NASDAQ:NXT opened at $79.97 on Tuesday. Nextpower has a 12 month low of $69.22 and a 12 month high of $163.13. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of 20.72, a PEG ratio of 1.64 and a beta of 1.92. The firm’s 50-day moving average is $91.14 and its 200 day moving average is $110.34.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The business had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. As a group, equities analysts forecast that Nextpower will post 3.76 EPS for the current fiscal year.

Insider Buying and Selling

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the company’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 in the company, valued at approximately $28,312,920. This represents a 1.26% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 67,636 shares of the company’s stock in a transaction on Monday, August 10th. The stock was sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the sale, the chief executive officer owned 871,131 shares of the company’s stock, valued at $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,431 shares of company stock valued at $10,039,748 over the last 90 days. 0.84% of the stock is owned by insiders.

Institutional Trading of Nextpower

Several institutional investors and hedge funds have recently made changes to their positions in the company. Jupiter Asset Management Ltd. lifted its stake in Nextpower by 0.3% in the 4th quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock valued at $2,326,000 after buying an additional 86 shares in the last quarter. Root Financial Partners LLC increased 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 buying an additional 103 shares in the last quarter. Signature Equity Partners LLC raised its holdings in shares of Nextpower by 76.4% during the first quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the last quarter. Janney Montgomery Scott LLC raised its holdings in shares of Nextpower by 2.0% during the first quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock valued at $719,000 after acquiring an additional 119 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in shares of Nextpower by 12.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after acquiring an additional 143 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

About Nextpower

Nextracker Inc (NASDAQ: NXT) is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company’s product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.