Nextpower (NASDAQ:NXT) Stock Rating Upgraded by TD Cowen

Key Points

• TD Cowen upgraded Nextpower to a “hold” rating, while analysts overall maintain a “Moderate Buy” consensus with an average price target of $143.19.
• Nextpower reported quarterly EPS of $1.20, exceeding estimates of $1.05, while revenue was approximately $935.17 million, broadly in line with expectations.
• The stock opened at $82.97, well below its 52-week high of $163.13; insiders have sold about $10.0 million of shares over the past three months, while institutional investors own 67.41% of the company.

Nextpower (NASDAQ:NXT - Get Free Report) was upgraded by equities research analysts at TD Cowen to a "hold" rating in a research note issued to investors on Monday, Zacks reports.

Other analysts have also recently issued reports about the company. Guggenheim raised 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. UBS Group restated a "buy" rating and issued a $160.00 price target on shares of Nextpower in a research note on Monday, August 3rd. Jefferies Financial Group restated a "buy" rating and set a $131.00 price objective on shares of Nextpower in a research report on Friday, July 31st. Susquehanna dropped their target price on Nextpower from $168.00 to $157.00 and set a "positive" rating for the company in a report on Friday, July 31st. Finally, Zacks Research cut Nextpower from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 11th. One research analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $143.19.

Nextpower Price Performance

Shares of NASDAQ NXT opened at $82.97 on Monday. The business has a 50-day moving average of $87.98 and a 200-day moving average of $108.58. Nextpower has a fifty-two week low of $76.19 and a fifty-two week high of $163.13. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of 21.49, a PEG ratio of 1.67 and a beta of 1.94.

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

Insider Activity

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the company's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total value of $359,910.00. Following the sale, the chief financial officer owned 354,000 shares in the company, valued at approximately $28,312,920. The trade was a 1.26% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of the company'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 sale, the director owned 7,914 shares in the company, valued at $722,152.50. The trade was a 48.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 100,431 shares of company stock valued at $10,039,748. 0.84% of the stock is currently owned by company insiders.

Institutional Trading of Nextpower

A number of institutional investors have recently bought and sold shares of the company. Signature Equity Partners LLC boosted its position in shares of Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company's stock valued at $31,000 after purchasing an additional 113 shares in the last quarter. Continuum Advisory LLC bought a new stake in Nextpower during the 2nd quarter valued at $37,000. Root Financial Partners LLC increased its position in shares of Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company's stock worth $54,000 after acquiring an additional 103 shares in the last quarter. Trust Co. of Vermont bought a new stake in Nextpower during the 2nd quarter worth approximately $63,000. Finally, Westfuller Advisors LLC bought a new stake in Nextpower during the first quarter worth $66,000. Institutional investors own 67.41% of the company's stock.

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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