Nextpower (NASDAQ:NXT) Stock Gets Price Target Cut from Citigroup

Key Points

• Citigroup lowered Nextpower’s price target from $121 to $111 but maintained a “buy” rating, implying approximately 35.8% upside from the stock’s $81.75 price.
• Analyst sentiment remains positive overall, with a consensus “Moderate Buy” rating and an average price target of $139.77, despite several recent target reductions.
• Nextpower exceeded quarterly earnings expectations, reporting $1.20 in EPS versus the $1.05 consensus estimate, while insiders sold approximately $10 million of stock over the past quarter.

Nextpower (NASDAQ:NXT - Get Free Report) had its price objective cut by equities research analysts at Citigroup from $121.00 to $111.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Citigroup's price objective suggests a potential upside of 35.78% from the stock's current price.

Several other equities research analysts have also recently issued reports on NXT. 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 research report on Wednesday, July 15th. JPMorgan Chase & Co. dropped their target price on Nextpower from $152.00 to $136.00 and set an "overweight" rating on the stock in a report on Monday. TD Cowen upgraded Nextpower to a "hold" rating in a research note on Monday, October 5th. Roth Capital reaffirmed a "buy" rating and set a $175.00 price target on shares of Nextpower in a report on Tuesday, July 28th. Finally, Jefferies Financial Group set a $115.00 price objective on Nextpower in a research report on Friday, October 16th. One analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $139.77.

Nextpower Price Performance

Shares of NXT stock traded up $2.72 on Wednesday, hitting $81.75. The stock had a trading volume of 831,515 shares, compared to its average volume of 2,373,927. The firm has a market capitalization of $12.40 billion, a P/E ratio of 21.22, a P/E/G ratio of 1.92 and a beta of 1.94. The company's 50 day moving average price is $84.99 and its 200-day moving average price is $105.83. Nextpower has a 1 year low of $76.71 and a 1 year high of $163.13.

Nextpower (NASDAQ:NXT - Get Free Report) last announced 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. The business had revenue of $935.17 million for the quarter, compared to analysts' expectations of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. On average, equities analysts forecast that Nextpower will post 3.80 EPS for the current year.

Insider Transactions at Nextpower

In related news, CEO Daniel S. Shugar sold 67,636 shares of the company's stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total value of $6,971,242.52. Following the completion of the sale, the chief executive officer directly owned 871,131 shares of the company's stock, valued at $89,787,472.17. This represents a 7.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the transaction, the chief financial officer owned 354,000 shares in the company, valued at $28,312,920. This represents a 1.26% decrease in their position. 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. Insiders sold 100,431 shares of company stock valued at $10,039,748 over the last quarter. 0.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Nextpower

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sowell Financial Services LLC lifted its holdings in Nextpower by 92.9% in the third quarter. Sowell Financial Services LLC now owns 6,776 shares of the company's stock valued at $528,000 after acquiring an additional 3,263 shares during the period. Robeco Institutional Asset Management B.V. boosted its position in shares of Nextpower by 2.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 145,981 shares of the company's stock worth $11,376,000 after purchasing an additional 4,009 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its stake in shares of Nextpower by 31.2% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 112,787 shares of the company's stock worth $8,789,000 after purchasing an additional 26,819 shares during the period. IFP Advisors Inc increased its holdings in shares of Nextpower by 269.8% in the 3rd quarter. IFP Advisors Inc now owns 18,593 shares of the company's stock valued at $1,449,000 after purchasing an additional 13,565 shares in the last quarter. Finally, Vontobel Holding Ltd. increased its holdings in shares of Nextpower by 27.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 4,730 shares of the company's stock valued at $369,000 after purchasing an additional 1,033 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Company Profile

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company's product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.

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