Nextpower (NASDAQ:NXT) Issues Earnings Results, Beats Estimates By $0.21 EPS

Key Points

• Nextpower beat quarterly expectations: EPS came in at $1.31 versus the $1.10 consensus estimate, while revenue reached $1.11 billion compared with expectations of $1.06 billion. The company reported a 16.36% net margin and 26.29% return on equity.
• Shares rose $2.64 to $82.08 in mid-day trading, but remained well below the 52-week high of $163.13. The stock has a market capitalization of $12.45 billion and a P/E ratio of 21.26.
• Analysts maintain a “Moderate Buy” consensus rating with an average price target of $139.77, although several firms recently lowered their targets. Insiders sold approximately $10.0 million worth of shares over the past 90 days.

Nextpower (NASDAQ:NXT - Get Free Report) issued its earnings results on Wednesday. The company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.10 by $0.21, FiscalAI reports. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The company had revenue of $1.11 billion for the quarter, compared to analysts' expectations of $1.06 billion.

Nextpower Price Performance

Shares of NASDAQ:NXT traded up $2.64 during mid-day trading on Wednesday, reaching $82.08. 4,094,621 shares of the company traded hands, compared to its average volume of 2,383,535. The company's 50 day moving average price is $83.01 and its 200-day moving average price is $106.86. The firm has a market cap of $12.45 billion, a PE ratio of 21.26, a PEG ratio of 1.90 and a beta of 1.94. Nextpower has a 52 week low of $75.40 and a 52 week high of $163.13.

Insider Buying and Selling

In other news, President Howard Wenger sold 11,176 shares of the firm's stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total transaction of $1,171,021.28. Following the sale, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This trade represents a 2.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction on Wednesday, August 19th. The shares were sold at an average price of $91.25, for a total transaction of $676,618.75. Following the transaction, the director owned 7,914 shares in the company, valued at approximately $722,152.50. This trade represents a 48.37% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 100,431 shares of company stock worth $10,039,748 in the last ninety days. Corporate insiders own 0.84% of the company's stock.

Analyst Upgrades and Downgrades

NXT has been the subject of a number of research reports. Jefferies Financial Group set a $115.00 target price on shares of Nextpower in a research note on Friday, October 16th. Roth Capital reissued a "buy" rating and issued a $175.00 price objective on shares of Nextpower in a report on Tuesday, July 28th. Robert W. Baird dropped their price objective on shares of Nextpower from $156.00 to $116.00 and set an "outperform" rating on the stock in a report on Tuesday, September 22nd. Guggenheim upgraded shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 target price for the company in a research report on Wednesday, July 15th. Finally, Citigroup reduced their target price on shares of Nextpower from $121.00 to $111.00 and set a "buy" rating for the company in a report on Wednesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, twenty-three have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, Nextpower currently has a consensus rating of "Moderate Buy" and a consensus price target of $139.77.

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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