Nextpower (NASDAQ:NXT) Given New $150.00 Price Target at Susquehanna

Key Points

• Susquehanna lowered Nextpower’s price target to $150 from $157 while maintaining a “positive” rating, implying nearly 69% upside from the prior close.
• Analyst sentiment remains favorable, with the stock carrying a consensus “Moderate Buy” rating and an average price target of $142.46.
• Nextpower’s latest quarterly results beat expectations on earnings, reporting $1.20 EPS versus a $1.05 consensus estimate, while insiders have sold roughly $10 million in stock over the past three months.

Nextpower (NASDAQ:NXT - Get Free Report) had its price target decreased by stock analysts at Susquehanna from $157.00 to $150.00 in a report released on Wednesday, Benzinga reports. The brokerage currently has a "positive" rating on the stock. Susquehanna's target price indicates a potential upside of 68.98% from the stock's previous close.

Several other equities analysts have also recently weighed in on NXT. Freedom Capital raised shares of Nextpower from a "hold" rating to a "strong-buy" rating in a research note on Friday, July 31st. Piper Sandler decreased their price target on shares of Nextpower from $116.00 to $110.00 and set an "overweight" rating on the stock in a research note on Wednesday, September 30th. TD Cowen raised shares of Nextpower to a "hold" rating in a report on Monday, October 5th. Roth Capital restated a "buy" rating and set a $175.00 price objective on shares of Nextpower in a research report on Tuesday, July 28th. Finally, Zacks Research lowered Nextpower from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $142.46.

Nextpower Price Performance

NXT stock opened at $88.77 on Wednesday. Nextpower has a 1-year low of $76.71 and a 1-year high of $163.13. The business has a 50 day simple moving average of $87.08 and a two-hundred day simple moving average of $107.16. The company has a market capitalization of $13.47 billion, a price-to-earnings ratio of 22.04, a PEG ratio of 2.06 and a beta of 1.94.

Nextpower (NASDAQ:NXT - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The firm had revenue of $935.17 million for the quarter, compared to analysts' expectations of $935.39 million. Sell-side analysts anticipate that Nextpower will post 3.77 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Brandi Thomas sold 7,415 shares of the company's stock in a transaction 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 sale, the director owned 7,914 shares of the company's stock, valued at $722,152.50. This represents a 48.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Charles 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 sale, the chief financial officer directly owned 354,000 shares in the company, valued at approximately $28,312,920. The trade was a 1.26% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,431 shares of company stock valued at $10,039,748 in the last three months. Corporate insiders own 0.84% of the company's stock.

Institutional Trading of Nextpower

Several hedge funds have recently made changes to their positions in the business. Reynders McVeigh Capital Management LLC lifted its holdings in shares of Nextpower by 15.0% in the 2nd quarter. Reynders McVeigh Capital Management LLC now owns 157,897 shares of the company's stock worth $18,812,000 after acquiring an additional 20,547 shares during the last quarter. Tidal Investments LLC boosted its stake in shares of Nextpower by 20.2% during the 2nd quarter. Tidal Investments LLC now owns 102,483 shares of the company's stock worth $12,210,000 after purchasing an additional 17,221 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Nextpower during the 2nd quarter worth about $1,792,000. Lombard Odier Asset Management Europe Ltd grew its holdings in Nextpower by 63.5% during the 1st quarter. Lombard Odier Asset Management Europe Ltd now owns 127,421 shares of the company's stock valued at $15,361,000 after purchasing an additional 49,505 shares during the last quarter. Finally, J. Safra Sarasin Holding AG bought a new position in Nextpower during the 1st quarter valued at about $2,378,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

About Nextpower

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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