Nextpower (NASDAQ:NXT) Rating Increased to Strong-Buy at Truist Financial

Nextpower (NASDAQ:NXT - Get Free Report) was upgraded by analysts at Truist Financial to a "strong-buy" rating in a report released on Monday,Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. Needham & Company LLC restated a "buy" rating and set a $149.00 target price on shares of Nextpower in a report on Friday, May 29th. Deutsche Bank Aktiengesellschaft reiterated a "buy" rating and set a $140.00 target price on shares of Nextpower in a report on Thursday, May 14th. BNP Paribas Exane increased their price target on shares of Nextpower from $177.00 to $182.00 and gave the stock an "outperform" rating in a research note on Friday, May 29th. Weiss Ratings cut Nextpower from a "buy (b)" rating to a "buy (b-)" rating in a research note on Friday, June 26th. Finally, Citigroup increased their price target on shares of Nextpower from $114.00 to $145.00 and gave the company a "buy" rating in a report on Wednesday, May 13th. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $148.06.

Nextpower Price Performance

NASDAQ NXT opened at $104.66 on Monday. Nextpower has a one year low of $52.61 and a one year high of $163.13. The business's fifty day moving average is $124.97 and its 200-day moving average is $115.44. The stock has a market capitalization of $15.73 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 1.97 and a beta of 1.86.

Nextpower (NASDAQ:NXT - Get Free Report) last issued its earnings results on Tuesday, May 12th. The company reported $1.05 earnings per share for the quarter, topping analysts' consensus estimates of $0.89 by $0.16. The firm had revenue of $880.52 million during the quarter, compared to analyst estimates of $826.26 million. Nextpower had a net margin of 16.46% and a return on equity of 28.18%. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. Research analysts expect that Nextpower will post 3.77 EPS for the current fiscal year.

Insider Activity at Nextpower

In related news, insider Bruce Ledesma sold 3,248 shares of the firm's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $134.72, for a total value 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 trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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, COO Nicholas Marco Miller sold 24,511 shares of Nextpower stock in a transaction dated Wednesday, May 20th. The stock was sold at an average price of $127.32, for a total transaction of $3,120,740.52. Following the transaction, the chief operating officer directly owned 221,533 shares of the company's stock, valued at approximately $28,205,581.56. This represents a 9.96% decrease in their ownership of the stock. 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. Insiders sold 168,574 shares of company stock valued at $22,559,770 in the last 90 days. 0.84% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Nextpower

A number of hedge funds have recently added to or reduced their stakes in NXT. Legal & General Group Plc lifted its stake in shares of Nextpower by 4.6% in the fourth quarter. Legal & General Group Plc now owns 414,304 shares of the company's stock worth $36,090,000 after buying an additional 18,380 shares in the last quarter. Assetmark Inc. increased its stake in Nextpower by 342,159.2% during the fourth quarter. Assetmark Inc. now owns 427,824 shares of the company's stock worth $37,268,000 after acquiring an additional 427,699 shares during the last quarter. Andrew Hill Investment Advisors Inc. raised its holdings in Nextpower by 31.2% in the 4th quarter. Andrew Hill Investment Advisors Inc. now owns 70,025 shares of the company's stock valued at $6,100,000 after buying an additional 16,666 shares during the period. Azzad Asset Management Inc. ADV acquired a new position in shares of Nextpower in the 4th quarter worth approximately $988,000. Finally, Vestcor Inc lifted its stake in Nextpower by 480.8% during the fourth quarter. Vestcor Inc now owns 21,947 shares of the company's stock worth $1,912,000 after purchasing an additional 18,168 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors.

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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