Nextpower (NASDAQ:NXT) CFO Sells $359,910.00 in Stock

Key Points

• CFO Charles Boynton sold 4,500 Nextpower shares for approximately $359,910 under a pre-arranged Rule 10b5-1 trading plan. He retained 354,000 shares valued at about $28.3 million.
• Nextpower’s latest quarterly results exceeded expectations, with adjusted earnings of $1.20 per share versus the $1.05 consensus estimate, while revenue totaled approximately $935.2 million.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $146.12, despite several recent rating or price-target reductions.

Nextpower Inc. (NASDAQ:NXT - Get Free Report) CFO Charles Boynton sold 4,500 shares of the firm's stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $79.98, for a total transaction of $359,910.00. Following the completion of the transaction, the chief financial officer directly owned 354,000 shares in the company, valued at approximately $28,312,920. This represents a 1.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Nextpower Price Performance

NASDAQ NXT traded down $0.52 during trading hours on Wednesday, hitting $82.55. 1,711,518 shares of the company's stock traded hands, compared to its average volume of 2,438,770. The company has a market capitalization of $12.53 billion, a PE ratio of 21.39, a PEG ratio of 1.65 and a beta of 1.95. Nextpower Inc. has a 52-week low of $64.30 and a 52-week high of $163.13. The firm's 50-day moving average is $100.90 and its 200-day moving average is $113.93.

Nextpower (NASDAQ:NXT - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping analysts' consensus estimates of $1.05 by $0.15. The business 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%. Equities research analysts predict that Nextpower Inc. will post 3.7 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NXT has been the topic of several analyst reports. Royal Bank Of Canada reduced their price target on Nextpower from $149.00 to $147.00 and set an "outperform" rating on the stock in a report on Friday, July 31st. Weiss Ratings cut shares of Nextpower from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, July 29th. Zacks Research lowered shares of Nextpower from a "strong-buy" rating to a "hold" rating in a report on Tuesday, August 11th. Mizuho dropped their price target on shares of Nextpower from $142.00 to $111.00 and set a "neutral" rating for the company in a research note on Tuesday, August 4th. Finally, Loop Capital set a $135.00 price target on shares of Nextpower in a report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Nextpower has an average rating of "Moderate Buy" and an average price target of $146.12.

Hedge Funds Weigh In On Nextpower

Hedge funds have recently made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in Nextpower by 19.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company's stock worth $18,436,000 after purchasing an additional 71,842 shares in the last quarter. M&T Bank Corp acquired a new position in Nextpower during the 2nd quarter worth about $223,000. EverSource Wealth Advisors LLC lifted its stake in Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock worth $61,000 after acquiring an additional 724 shares in the last quarter. Cerity Partners LLC boosted its holdings in Nextpower by 154.0% during the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock valued at $1,008,000 after acquiring an additional 11,239 shares during the period. Finally, California Public Employees Retirement System boosted its holdings in Nextpower by 36.5% during the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock valued at $12,122,000 after acquiring an additional 59,573 shares during the period. Hedge funds and other institutional investors own 67.41% of the company's stock.

Nextpower Company Profile

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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