Nextpower (NASDAQ:NXT) Upgraded at TD Cowen

by · The Cerbat Gem

TD Cowen upgraded shares of Nextpower (NASDAQ:NXT – Free Report) to a hold rating in a research report released on Monday,Zacks reports.

NXT has been the subject of several other reports. BMO Capital Markets raised Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective for the company in a report on Friday, July 31st. The Goldman Sachs Group reaffirmed a “buy” rating and set a $168.00 price target on shares of Nextpower in a research report on Wednesday, July 1st. Zacks Research downgraded Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Truist Financial lifted their price objective on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 31st. Finally, Weiss Ratings cut Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Nextpower has an average rating of “Moderate Buy” and a consensus price target of $142.77.

Get Our Latest Stock Analysis on Nextpower

Nextpower Stock Down 2.3%

NXT opened at $86.04 on Monday. Nextpower has a twelve month low of $76.71 and a twelve month high of $163.13. The company’s 50-day moving average price is $87.70 and its two-hundred day moving average price is $108.15. The stock has a market cap of $13.05 billion, a price-to-earnings ratio of 22.29, a PEG ratio of 1.75 and a beta of 1.94.

Nextpower (NASDAQ:NXT – Get Free Report) last issued its quarterly earnings results 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. The company had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. As a group, sell-side analysts anticipate that Nextpower will post 3.76 earnings per share for the current year.

Insider Buying and Selling at Nextpower

In other Nextpower news, CEO Daniel Shugar sold 67,636 shares of the stock in a transaction on Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the sale, the chief executive officer owned 871,131 shares in the company, valued at $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the firm’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the transaction, the director directly owned 7,914 shares of the company’s stock, valued at $722,152.50. The trade was a 48.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 100,431 shares of company stock worth $10,039,748. Company insiders own 0.84% of the company’s stock.

Institutional Trading of Nextpower

A number of hedge funds and other institutional investors have recently made changes to their positions in NXT. Reynders McVeigh Capital Management LLC boosted its holdings in Nextpower by 15.0% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 157,897 shares of the company’s stock valued at $18,812,000 after purchasing an additional 20,547 shares during the period. Lombard Odier Asset Management Europe Ltd increased its holdings in shares of Nextpower by 63.5% in the first quarter. Lombard Odier Asset Management Europe Ltd now owns 127,421 shares of the company’s stock worth $15,361,000 after purchasing an additional 49,505 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Nextpower in the second quarter worth $1,792,000. Tidal Investments LLC raised its position in shares of Nextpower by 20.2% in the second quarter. Tidal Investments LLC now owns 102,483 shares of the company’s stock worth $12,210,000 after buying an additional 17,221 shares in the last quarter. Finally, Renaissance Group LLC purchased a new stake in shares of Nextpower in the fourth quarter worth $6,419,000. 67.41% of the stock is currently owned by institutional investors.

Nextpower Company Profile

(Get Free Report)

Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.

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