Nextpower (NASDAQ:NXT) Price Target Lowered to $116.00 at Robert W. Baird

Key Points

• Robert W. Baird lowered Nextpower’s price target from $156 to $116 while maintaining an “outperform” rating, implying roughly 39.5% upside from the stock’s current price.
• Nextpower reported quarterly EPS of $1.20, exceeding the $1.05 consensus estimate, while revenue of $935.17 million was essentially in line with expectations. Analysts maintain a “Moderate Buy” consensus with an average price target of $143.42.
• Company insiders sold about 100,431 shares worth $10.04 million over the past 90 days under pre-arranged trading plans, while institutional investors own 67.41% of the stock.

Nextpower (NASDAQ:NXT - Get Free Report) had its target price dropped by investment analysts at Robert W. Baird from $156.00 to $116.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has an "outperform" rating on the stock. Robert W. Baird's target price suggests a potential upside of 39.51% from the company's current price.

A number of other research firms have also recently commented on NXT. KeyCorp lifted their price objective on Nextpower from $152.00 to $164.00 and gave the stock an "overweight" rating in a research report on Friday, May 29th. BNP Paribas Exane upped their target price on shares of Nextpower from $177.00 to $182.00 and gave the company an "outperform" rating in a report on Friday, May 29th. Susquehanna decreased their price target on shares of Nextpower from $168.00 to $157.00 and set a "positive" rating on the stock in a research note on Friday, July 31st. Wolfe Research reiterated an "outperform" rating and set a $160.00 price target on shares of Nextpower in a report on Friday, May 29th. Finally, Wells Fargo & Company boosted their price objective on shares of Nextpower from $143.00 to $151.00 and gave the company an "overweight" rating in a research report on Friday, May 29th. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat.com, Nextpower presently has a consensus rating of "Moderate Buy" and an average price target of $143.42.

Nextpower Trading Up 3.3%

Shares of NXT opened at $83.15 on Tuesday. Nextpower has a twelve month low of $69.22 and a twelve month high of $163.13. The firm has a market capitalization of $12.62 billion, a P/E ratio of 21.54, a PEG ratio of 1.60 and a beta of 1.92. The firm's 50-day moving average is $92.67 and its two-hundred day moving average is $110.79.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating 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. Analysts predict that Nextpower will post 3.76 EPS for the current year.

Insider Buying and Selling at Nextpower

In related news, President Howard Wenger sold 11,176 shares of the company'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 completion of 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. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 67,636 shares of the stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $103.07, for a total transaction of $6,971,242.52. Following the transaction, the chief executive officer directly owned 871,131 shares in the company, valued at approximately $89,787,472.17. This represents a 7.20% 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. Over the last 90 days, insiders sold 100,431 shares of company stock worth $10,039,748. 0.84% of the stock is currently owned by insiders.

Institutional Trading of Nextpower

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC raised its holdings in shares of Nextpower by 6.3% in the 4th quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company's stock worth $350,385,000 after purchasing an additional 236,593 shares during the period. Fundsmith LLP acquired a new position in Nextpower during the second quarter valued at approximately $340,275,000. Norges Bank acquired a new position in Nextpower during the fourth quarter valued at approximately $170,918,000. Bank of America Corp DE grew its stake in Nextpower by 34.6% during the first quarter. Bank of America Corp DE now owns 1,568,235 shares of the company's stock worth $189,051,000 after buying an additional 402,770 shares during the period. Finally, Janus Henderson Group PLC increased its position in shares of Nextpower by 134.3% in 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 in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

About Nextpower

Nextracker Inc NASDAQ: NXT is a solar technology company that designs, manufactures and supplies intelligent solar tracker systems for utility-scale and distributed-generation photovoltaic projects. Its tracker systems adjust the position of solar panels throughout the day to help optimize energy production.

The company's product portfolio includes single-axis solar tracking systems, associated hardware and controls, as well as software and digital tools used to monitor and manage solar plant performance.

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