Nextpower (NASDAQ:NXT) Stock Price Target Raised at Citigroup

Key Points

• Citigroup raised its Nextpower price target from $119 to $126 and maintained a Buy rating, implying about 27.4% upside from the share price cited in the report.
• Analyst views are broadly positive: 24 analysts rate the stock Buy and one Strong Buy, versus four Holds; the consensus target is $135.93.
• Nextpower beat quarterly estimates, reporting EPS of $1.31 versus $1.10 expected and revenue of $1.11 billion versus $1.06 billion expected, even as shares fell 5.7% on Tuesday.

Nextpower (NASDAQ:NXT - Get Free Report) had its target price upped by research analysts at Citigroup from $119.00 to $126.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's target price would indicate a potential upside of 27.41% from the company's current price.

Other equities analysts have also recently issued reports about the company. Barclays dropped their price objective on Nextpower from $147.00 to $146.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 13th. Freedom Capital upgraded shares of Nextpower from a "hold" rating to a "strong-buy" rating in a report on Friday, July 31st. Mizuho cut their price target on shares of Nextpower from $111.00 to $101.00 and set a "neutral" rating on the stock in a report on Thursday, October 15th. UBS Group reduced their price objective on shares of Nextpower from $160.00 to $140.00 and set a "buy" rating for the company in a research report on Friday, October 30th. Finally, Piper Sandler lifted their target price on shares of Nextpower from $110.00 to $115.00 and gave the stock an "overweight" rating in a research report on Monday. One equities research analyst has rated the stock with a Strong Buy rating, twenty-four have given a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Nextpower presently has a consensus rating of "Moderate Buy" and an average target price of $135.93.

Nextpower Trading Down 5.7%

Shares of NASDAQ:NXT traded down $6.00 during trading on Tuesday, hitting $98.89. 1,397,247 shares of the company were exchanged, compared to its average volume of 2,462,310. The stock has a market cap of $15.01 billion, a price-to-earnings ratio of 24.82, a P/E/G ratio of 2.23 and a beta of 1.93. Nextpower has a fifty-two week low of $75.40 and a fifty-two week high of $163.13. The firm has a fifty day moving average price of $84.12 and a two-hundred day moving average price of $106.75.

Nextpower (NASDAQ:NXT - Get Free Report) last posted its earnings results on Wednesday, October 28th. The company reported $1.31 EPS for the quarter, topping analysts' consensus estimates of $1.10 by $0.21. The firm had revenue of $1.11 billion during the quarter, compared to analysts' expectations of $1.06 billion. Nextpower had a net margin of 15.98% and a return on equity of 25.33%. As a group, research analysts predict that Nextpower will post 4.01 EPS for the current year.

Insiders Place Their Bets

In other Nextpower news, CFO Charles Boynton sold 4,500 shares of the business'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 transaction, the chief financial officer directly owned 354,000 shares of the company's stock, valued at approximately $28,312,920. The trade was a 1.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Julia Blunden sold 3,692 shares of the firm's stock in a transaction on Monday, August 24th. The shares were sold at an average price of $84.10, for a total value of $310,497.20. Following the transaction, the director owned 2,742 shares of the company's stock, valued at $230,602.20. The trade was a 57.38% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 19,330 shares of company stock valued at $1,674,948 in the last quarter. Insiders own 0.84% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Signature Equity Partners LLC boosted its position in 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 during the last quarter. Continuum Advisory LLC acquired a new stake in Nextpower during the 2nd quarter valued at approximately $37,000. Heritage Family Offices LLP purchased a new stake in shares of Nextpower in the 3rd quarter valued at $29,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of Nextpower in the third quarter worth $32,000. Finally, Trust Co. of Vermont acquired a new stake in shares of Nextpower in the second quarter worth $63,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

Nextpower Company Profile

Nextpower, Inc., formerly known as Nextracker, designs and supplies solar-tracking systems and related technology for utility-scale solar power plants. Its equipment helps solar panels follow the sun across the day, increasing the amount of energy generated by a project. The company's offerings include its NX Horizon tracker platform and TrueCapture software, which uses data and controls to adjust tracker positioning to site conditions. Nextpower also provides engineering and project support services to solar developers, contractors and plant operators.

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