Nextpower (NASDAQ:NXT) Stock Gets Price Target Cut from Susquehanna

by · The Markets Daily

Nextpower (NASDAQ:NXT – Free Report) had its price objective cut by Susquehanna from $157.00 to $150.00 in a research report released on Wednesday morning, Marketbeat Ratings reports. They currently have a positive rating on the stock.

Several other research firms have also recently issued reports on NXT. Zacks Research cut shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, August 11th. Guggenheim upgraded shares of Nextpower from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Wednesday, July 15th. Robert W. Baird dropped their target price on Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a report on Tuesday, September 22nd. UBS Group reissued a “buy” rating and issued a $160.00 target price on shares of Nextpower in a report on Monday, August 3rd. Finally, Piper Sandler cut their price target on Nextpower from $116.00 to $110.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $141.46.

Check Out Our Latest Report on Nextpower

Nextpower Stock Down 4.1%

Shares of NASDAQ:NXT opened at $80.04 on Wednesday. The firm’s 50 day moving average price is $85.97 and its 200 day moving average price is $106.45. The stock has a market cap of $12.14 billion, a price-to-earnings ratio of 21.67, a price-to-earnings-growth ratio of 2.04 and a beta of 1.94. Nextpower has a fifty-two week low of $76.71 and a fifty-two week high of $163.13.

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 analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. On average, equities analysts anticipate that Nextpower will post 3.75 EPS for the current year.

Insider Buying and Selling

In other news, CEO Daniel S. Shugar sold 67,636 shares of the business’s stock in a transaction that occurred on Monday, August 10th. The shares were sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the completion of the sale, the chief executive officer owned 871,131 shares in the company, valued at approximately $89,787,472.17. The trade was a 7.20% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $79.98, for a total transaction of $359,910.00. Following the completion of the transaction, the chief financial officer owned 354,000 shares of the company’s stock, valued at approximately $28,312,920. The trade was a 1.26% decrease in their position. 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 100,431 shares of company stock valued at $10,039,748 over the last three months. 0.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Nextpower

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vontobel Holding Ltd. boosted its stake in Nextpower by 27.9% in the third quarter. Vontobel Holding Ltd. now owns 4,730 shares of the company’s stock valued at $369,000 after acquiring an additional 1,033 shares in the last quarter. TD Waterhouse Canada Inc. increased its position in shares of Nextpower by 1,212.7% during the third quarter. TD Waterhouse Canada Inc. now owns 5,684 shares of the company’s stock worth $452,000 after purchasing an additional 5,251 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Nextpower by 61.1% during the third quarter. Assenagon Asset Management S.A. now owns 55,818 shares of the company’s stock worth $4,350,000 after purchasing an additional 21,165 shares in the last quarter. Formuepleje A S purchased a new stake in shares of Nextpower in the 3rd quarter valued at about $783,000. Finally, Viking Fund Management LLC lifted its holdings in shares of Nextpower by 84.2% in the 3rd quarter. Viking Fund Management LLC now owns 35,000 shares of the company’s stock valued at $2,728,000 after purchasing an additional 16,000 shares during the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

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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