Nextpower (NASDAQ:NXT) Raised to “Strong-Buy” at Truist Financial

Nextpower (NASDAQ:NXT) was upgraded by equities researchers at Truist Financial to a “strong-buy” rating in a report released on Monday,Zacks.com reports.

A number of other equities research analysts have also recently commented on NXT. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $140.00 target price on shares of Nextpower in a report on Thursday, May 14th. UBS Group reaffirmed a “buy” rating and issued a $170.00 target price on shares of Nextpower in a research report on Friday, May 29th. Mizuho lifted their price target on shares of Nextpower from $130.00 to $142.00 and gave the company a “neutral” rating in a research report on Monday, June 8th. Barclays increased their target price on Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a research note on Tuesday, July 7th. Finally, Jefferies Financial Group set a $153.00 price target on shares of Nextpower in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $148.06.

Nextpower Trading Up 5.0%

NXT stock opened at $104.66 on Monday. The business has a 50 day simple moving average of $124.97 and a 200-day simple moving average of $115.44. Nextpower has a twelve month low of $52.61 and a twelve month high of $163.13. The company has a market capitalization of $15.73 billion, a P/E ratio of 27.33, a PEG ratio of 1.97 and a beta of 1.86.

Nextpower (NASDAQ:NXT) last released its quarterly earnings results on Tuesday, May 12th. The company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.89 by $0.16. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.The business had revenue of $880.52 million during the quarter, compared to analysts’ expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Research analysts predict that Nextpower will post 3.77 EPS for the current fiscal 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 shares were sold at an average price of $134.72, for a total transaction of $3,513,093.44. Following the sale, the chief executive officer directly owned 931,419 shares of the company’s stock, valued at $125,480,767.68. The trade was a 2.72% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 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 firm’s stock in a transaction that occurred on Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total transaction 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. This represents a 9.96% 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. Over the last three months, insiders have sold 168,574 shares of company stock worth $22,559,770. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextpower

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Smartleaf Asset Management LLC boosted its holdings in shares of Nextpower by 107.6% during the 4th quarter. Smartleaf Asset Management LLC now owns 299 shares of the company’s stock worth $26,000 after buying an additional 155 shares during the period. Whittier Trust Co. of Nevada Inc. increased its position in shares of 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 raised its stake in shares of Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after buying an additional 113 shares in the last quarter. Huntington National Bank lifted its position in shares of Nextpower by 480.3% during the 4th quarter. Huntington National Bank now owns 383 shares of the company’s stock worth $33,000 after buying an additional 317 shares during the period. Finally, Baillie Gifford & Co. boosted its stake in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after purchasing an additional 182 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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.