Nextpower (NASDAQ:NXT) Given New $115.00 Price Target at Piper Sandler

Key Points

• Piper Sandler raised its price target on Nextpower to $115 from $110 and maintained an “overweight” rating, implying 11.13% upside from the prior close.
• Analyst sentiment is broadly positive: Nextpower has a “Moderate Buy” consensus rating and a consensus price target of $135.37.
• Nextpower beat quarterly expectations, reporting $1.31 in earnings per share versus $1.10 expected, and revenue of $1.11 billion versus $1.06 billion forecast. Shares fell 1.4% on Monday to $103.48.

Nextpower (NASDAQ:NXT - Get Free Report) had its price target upped by investment analysts at Piper Sandler from $110.00 to $115.00 in a report issued on Monday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Piper Sandler's price target would indicate a potential upside of 11.13% from the company's previous close.

A number of other analysts also recently issued reports on the stock. Guggenheim raised shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a report on Wednesday, July 15th. Needham & Company LLC lowered their target price on shares of Nextpower from $149.00 to $143.00 and set a "buy" rating on the stock in a report on Thursday, October 29th. Jefferies Financial Group set a $115.00 price target on shares of Nextpower in a research report on Friday, October 16th. UBS Group cut their price target on Nextpower from $160.00 to $140.00 and set a "buy" rating for the company in a research note on Friday, October 30th. Finally, Roth Capital set a $140.00 price target on Nextpower in a research report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Nextpower presently has a consensus rating of "Moderate Buy" and a consensus target price of $135.37.

Nextpower Trading Down 1.4%

NXT stock traded down $1.42 during trading hours on Monday, hitting $103.48. 631,841 shares of the stock were exchanged, compared to its average volume of 2,455,892. The firm has a market capitalization of $15.58 billion, a P/E ratio of 26.13, a P/E/G ratio of 2.19 and a beta of 1.93. The company has a 50-day simple moving average of $83.73 and a two-hundred day simple moving average of $106.73. Nextpower has a 12 month low of $75.40 and a 12 month high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its earnings results on Wednesday, October 28th. The company reported $1.31 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.10 by $0.21. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. The company had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. On average, equities research analysts predict that Nextpower will post 4.01 earnings per share for the current year.

Insider Activity

In related news, Director Julia Blunden sold 3,692 shares of Nextpower stock in a transaction that occurred on Monday, August 24th. The shares were sold at an average price of $84.10, for a total value of $310,497.20. Following the transaction, the director directly owned 2,742 shares of the company's stock, valued at $230,602.20. This trade represents a 57.38% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, President Howard Wenger sold 11,176 shares of the business's stock in a transaction that occurred on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the transaction, the president owned 419,868 shares of the company's stock, valued at approximately $43,993,769.04. This represents a 2.59% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 30,506 shares of company stock worth $2,845,969. Insiders own 0.84% of the company's stock.

Institutional Investors Weigh In On Nextpower

A number of hedge funds and other institutional investors have recently bought and sold shares of NXT. Signature Equity Partners LLC boosted its position 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 buying an additional 113 shares during the last quarter. Continuum Advisory LLC bought a new stake in Nextpower during the second quarter worth $37,000. Heritage Family Offices LLP bought a new stake in Nextpower during the third quarter worth $29,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in Nextpower in the 3rd quarter valued at $32,000. Finally, Trust Co. of Vermont purchased a new stake in Nextpower in the 2nd quarter valued at $63,000. Institutional investors own 67.41% of the company's stock.

Nextpower Company Profile

Nextpower, Inc, formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project.

The company's offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.

Serving customers in markets around the world, the company traces its roots to Nextracker, which was founded in 2013.

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