Nextpower (NASDAQ:NXT) Stock Price Target Cut by Citigroup

Key Points

• Citigroup lowered Nextpower’s price target from $132 to $121 while maintaining a “Buy” rating; the new target implies approximately 40.4% upside from the prior close.
• Analyst sentiment remains positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $142.77.
• Shares fell 2.2% to $86.17 during Wednesday trading. Nextpower’s latest quarterly results exceeded earnings expectations, reporting $1.20 in EPS versus the $1.05 consensus estimate.

Nextpower (NASDAQ:NXT - Get Free Report) had its target price reduced by Citigroup from $132.00 to $121.00 in a report issued on Wednesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price objective points to a potential upside of 40.42% from the company's previous close.

Several other research firms have also recently commented on NXT. Glj Research restated a "buy" rating and issued a $149.00 target price on shares of Nextpower in a research report on Wednesday, August 5th. Barclays raised their price target on Nextpower from $142.00 to $147.00 and gave the company an "overweight" rating in a report on Tuesday, July 7th. Roth Capital restated a "buy" rating and set a $175.00 price objective on shares of Nextpower in a research note on Tuesday, July 28th. BMO Capital Markets raised shares of Nextpower from a "hold" rating to an "outperform" rating and set a $132.00 price objective for the company in a report on Friday, July 31st. Finally, Jefferies Financial Group reiterated a "buy" rating and issued a $131.00 target price on shares of Nextpower in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $142.77.

Nextpower Trading Down 2.2%

Nextpower stock traded down $1.92 during midday trading on Wednesday, reaching $86.17. 1,361,718 shares of the stock traded hands, compared to its average volume of 2,393,615. Nextpower has a fifty-two week low of $76.71 and a fifty-two week high of $163.13. The firm has a market cap of $13.07 billion, a price-to-earnings ratio of 22.32, a PEG ratio of 1.65 and a beta of 1.94. The firm has a fifty day moving average price of $87.83 and a two-hundred day moving average price of $108.38.

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

Insiders Place Their Bets

In related news, Director Julia Blunden sold 3,692 shares of the firm's stock in a transaction dated Monday, August 24th. The stock was sold at an average price of $84.10, for a total transaction of $310,497.20. Following the completion of the transaction, the director owned 2,742 shares of the company's stock, valued at $230,602.20. This trade represents a 57.38% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Daniel Shugar sold 67,636 shares of Nextpower 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 transaction, the chief executive officer directly owned 871,131 shares in the company, valued at approximately $89,787,472.17. The trade was a 7.20% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 100,431 shares of company stock valued at $10,039,748. 0.84% of the stock is currently owned by insiders.

Institutional Trading of Nextpower

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Signature Equity Partners LLC increased its holdings in shares of Nextpower by 76.4% in the first quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock valued at $31,000 after buying an additional 113 shares in the last quarter. Continuum Advisory LLC bought a new stake in shares of Nextpower during the 2nd quarter worth $37,000. Root Financial Partners LLC grew its holdings in shares of Nextpower by 30.0% in the 1st quarter. Root Financial Partners LLC now owns 446 shares of the company's stock worth $54,000 after acquiring an additional 103 shares during the last quarter. Trust Co. of Vermont acquired a new stake in shares of Nextpower during the second quarter worth $63,000. Finally, Westfuller Advisors LLC acquired a new stake in shares of Nextpower during the first quarter worth $66,000. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextpower Company Profile

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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