Nextpower (NASDAQ:NXT) Given New $120.00 Price Target at Royal Bank Of Canada

Key Points

• Royal Bank of Canada raised its Nextpower price target to $120 from $116 and maintained an “outperform” rating, implying 22.64% upside from the share price cited in the report.
• Analyst sentiment is broadly positive: the stock has a “Moderate Buy” consensus rating and an average price target of $134.93.
• Nextpower reported quarterly EPS of $1.31, beating the $1.10 consensus estimate, while revenue of $1.11 billion exceeded expectations of $1.06 billion.

Nextpower (NASDAQ:NXT - Get Free Report) had its target price increased by stock analysts at Royal Bank Of Canada from $116.00 to $120.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an "outperform" rating on the stock. Royal Bank Of Canada's price target points to a potential upside of 22.64% from the company's current price.

A number of other equities research analysts also recently weighed in on NXT. Deutsche Bank set a $137.00 target price on Nextpower in a research report on Monday, August 3rd. Citigroup boosted their price objective on Nextpower from $119.00 to $126.00 and gave the stock a "buy" rating in a report on Tuesday. Piper Sandler upped their target price on shares of Nextpower from $110.00 to $115.00 and gave the company an "overweight" rating in a research report on Monday. Wells Fargo & Company reduced their target price on shares of Nextpower from $151.00 to $125.00 and set an "overweight" rating on the stock in a research note on Friday, October 30th. Finally, Jefferies Financial Group set a $115.00 price target on shares of Nextpower in a research report on Friday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $134.93.

Nextpower Stock Performance

Shares of NASDAQ:NXT traded down $2.74 on Thursday, hitting $97.85. The stock had a trading volume of 206,750 shares, compared to its average volume of 2,453,142. Nextpower has a twelve month low of $75.40 and a twelve month high of $163.13. The firm's 50 day moving average price is $84.83 and its 200-day moving average price is $106.70. The company has a market capitalization of $14.73 billion, a price-to-earnings ratio of 24.49, a price-to-earnings-growth ratio of 2.08 and a beta of 1.93.

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, topping 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 business had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. As a group, sell-side analysts predict that Nextpower will post 4.01 EPS for the current year.

Insider Activity at Nextpower

In related news, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total transaction of $676,618.75. Following the transaction, the director owned 7,914 shares of the company's stock, valued at $722,152.50. This trade represents a 48.37% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Julia Blunden sold 3,692 shares of the business's stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $84.10, for a total value of $310,497.20. Following the completion of the transaction, the director directly owned 2,742 shares of the company's stock, valued at approximately $230,602.20. The trade was a 57.38% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 19,330 shares of company stock worth $1,674,948 in the last ninety days. Company insiders own 0.84% of the company's stock.

Hedge Funds Weigh In On Nextpower

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NXT. Pictet Asset Management Holding SA lifted its holdings in shares of Nextpower by 69.2% in the third quarter. Pictet Asset Management Holding SA now owns 4,334,659 shares of the company's stock valued at $337,899,000 after purchasing an additional 1,772,231 shares in the last quarter. Fundsmith LLP acquired a new position in shares of Nextpower during the 2nd quarter worth about $340,275,000. Robeco Schweiz AG boosted its stake in shares of Nextpower by 98.8% during the 3rd quarter. Robeco Schweiz AG now owns 1,721,087 shares of the company's stock worth $134,124,000 after acquiring an additional 855,460 shares during the period. Bank of America Corp DE raised its position in shares of Nextpower by 34.6% in the first quarter. Bank of America Corp DE now owns 1,568,235 shares of the company's stock valued at $189,051,000 after purchasing an additional 402,770 shares during the period. Finally, Janus Henderson Group PLC boosted its holdings in shares of Nextpower by 134.3% during the first quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock worth $164,488,000 after acquiring an additional 780,958 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

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.

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