Nextpower (NASDAQ:NXT) Price Target Cut to $110.00 by Analysts at Piper Sandler

Key Points

• Piper Sandler lowered Nextpower’s price target to $110 from $116 while maintaining an “overweight” rating, implying approximately 38.7% upside from the stock’s $79.31 price.
• Analyst sentiment remains favorable overall, with a “Moderate Buy” consensus and an average price target of $143.19, despite mixed recent target-price changes from other firms.
• Nextpower exceeded quarterly EPS expectations, reporting $1.20 versus the $1.05 consensus, while insiders sold more than 100,000 shares worth approximately $10 million during the last quarter.

Nextpower (NASDAQ:NXT - Get Free Report) had its target price lowered by research analysts at Piper Sandler from $116.00 to $110.00 in a note issued to investors on Wednesday, Benzinga reports. The brokerage presently has an "overweight" rating on the stock. Piper Sandler's price target would suggest a potential upside of 38.70% from the company's current price.

Several other analysts have also commented on the stock. JPMorgan Chase & Co. cut their price objective on shares of Nextpower from $179.00 to $152.00 and set an "overweight" rating for the company in a report on Friday, July 31st. The Goldman Sachs Group reiterated a "buy" rating and issued a $168.00 price objective on shares of Nextpower in a report on Wednesday, July 1st. Weiss Ratings downgraded Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. BMO Capital Markets upgraded shares of Nextpower from a "hold" rating to an "outperform" rating and set a $132.00 target price for the company in a report on Friday, July 31st. Finally, Truist Financial lifted their target price on Nextpower from $140.00 to $145.00 and gave the company a "buy" rating in a research report on Friday, July 31st. One 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. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $143.19.

Nextpower Stock Performance

Shares of Nextpower stock opened at $79.31 on Wednesday. The company has a market capitalization of $12.03 billion, a P/E ratio of 20.55, a P/E/G ratio of 1.57 and a beta of 1.92. The company has a fifty day moving average of $89.75 and a 200 day moving average of $109.64. Nextpower has a fifty-two week low of $73.07 and a fifty-two week high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping analysts' consensus estimates of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to analysts' expectations of $935.39 million. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. Analysts forecast that Nextpower will post 3.76 EPS for the current year.

Insider Activity

In other news, Director Brandi Thomas sold 7,415 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the transaction, the director 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, President Howard Wenger sold 11,176 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $104.78, for a total value of $1,171,021.28. Following the completion of the transaction, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This trade represents a 2.59% decrease in their ownership of the stock. 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 100,431 shares of company stock worth $10,039,748 in the last quarter. 0.84% of the stock is currently owned by corporate insiders.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently modified their holdings of NXT. QRG Capital Management Inc. lifted its holdings in Nextpower by 22.8% in the second quarter. QRG Capital Management Inc. now owns 5,515 shares of the company's stock worth $657,000 after acquiring an additional 1,023 shares during the last quarter. Reynders McVeigh Capital Management LLC lifted its position 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 last quarter. Sequoia Financial Advisors LLC increased its stake in shares of Nextpower by 20.7% in the second quarter. Sequoia Financial Advisors LLC now owns 3,076 shares of the company's stock valued at $366,000 after purchasing an additional 527 shares during the period. Tidal Investments LLC increased its position in Nextpower by 20.2% in the 2nd quarter. Tidal Investments LLC now owns 102,483 shares of the company's stock valued at $12,210,000 after acquiring an additional 17,221 shares during the period. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Nextpower by 5.2% in the second quarter. Integrated Wealth Concepts LLC now owns 6,612 shares of the company's stock worth $788,000 after purchasing an additional 329 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

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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