Citigroup Cuts Nextpower (NASDAQ:NXT) Price Target to $132.00

Key Points

• Citigroup lowered Nextpower’s price target to $132 from $145 while maintaining a “buy” rating, implying roughly 46% upside from the stock’s $90.32 price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $147.38, despite mixed recent target revisions.
• Nextpower beat quarterly EPS expectations, reporting $1.20 versus the $1.05 consensus, while revenue of $935.17 million was essentially in line with estimates.

Nextpower (NASDAQ:NXT - Get Free Report) had its target price cut by equities researchers at Citigroup from $145.00 to $132.00 in a research report issued on Monday,Benzinga reports. The firm currently has a "buy" rating on the stock. Citigroup's price objective would suggest a potential upside of 46.15% from the stock's current price.

A number of other analysts have also commented on the company. BNP Paribas Exane lifted their price target on Nextpower from $177.00 to $182.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. Robert W. Baird raised their price objective on shares of Nextpower from $133.00 to $156.00 and gave the company an "outperform" rating in a report on Wednesday, May 13th. TD Cowen cut their target price on shares of Nextpower from $135.00 to $118.00 and set a "hold" rating on the stock in a research report on Monday, July 20th. Weiss Ratings cut shares of Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday. Finally, Glj Research lifted their price target on shares of Nextpower from $147.00 to $149.44 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $147.38.

Nextpower Trading Up 0.5%

NASDAQ NXT traded up $0.45 during trading on Monday, hitting $90.32. 3,325,923 shares of the company's stock were exchanged, compared to its average volume of 2,469,337. The company has a market cap of $13.57 billion, a PE ratio of 23.46, a P/E/G ratio of 1.79 and a beta of 1.95. Nextpower has a fifty-two week low of $52.61 and a fifty-two week high of $163.13. The stock's 50 day moving average price is $117.50 and its two-hundred day moving average price is $116.40.

Nextpower (NASDAQ:NXT - Get Free Report) last announced its quarterly earnings results 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. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. Analysts forecast that Nextpower will post 3.73 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Bruce Ledesma sold 3,248 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total transaction of $437,570.56. Following the completion of the sale, the insider directly owned 246,130 shares in the company, valued at $33,158,633.60. This represents a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Daniel S. Shugar sold 26,077 shares of Nextpower stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total transaction of $3,513,093.44. Following the transaction, the chief executive officer directly owned 931,419 shares of the company's stock, valued at $125,480,767.68. This represents a 2.72% 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 168,574 shares of company stock worth $22,559,770. Corporate insiders own 0.84% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Wedge Capital Management L L P NC grew its stake in Nextpower by 20.0% during the second quarter. Wedge Capital Management L L P NC now owns 600,671 shares of the company's stock worth $71,564,000 after purchasing an additional 100,186 shares during the period. E. Ohman J or Asset Management AB boosted its holdings in shares of Nextpower by 26.5% during the 2nd quarter. E. Ohman J or Asset Management AB now owns 50,098 shares of the company's stock worth $5,969,000 after buying an additional 10,500 shares in the last quarter. Franklin Street Advisors Inc. NC acquired a new stake in shares of Nextpower during the 2nd quarter worth approximately $684,000. Polianta Ltd bought a new stake in shares of Nextpower in the 2nd quarter valued at $1,763,000. Finally, MRA Advisory Group bought a new stake in shares of Nextpower in the 2nd quarter valued at $715,000. 67.41% of the stock is owned by institutional investors and hedge funds.

About Nextpower

Nextpower, formerly known as Nextracker, is traded on NASDAQ under the symbol NXT and is a leading provider of advanced solar tracking solutions for utility-scale and distributed energy projects. The company specializes in the design, engineering and manufacturing of single-axis tracker systems that optimize the capture of solar energy by following the sun’s trajectory throughout the day. Nextpower’s core hardware offerings aim to enhance energy yield, reduce balance-of-system costs and simplify installation and maintenance for downstream solar developers and operators.

In addition to its tracker hardware, Nextpower provides a suite of digital software and analytics tools to maximize asset performance.

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