Nextpower (NASDAQ:NXT) Rating Increased to Strong-Buy at Zacks Research

Nextpower (NASDAQ:NXT - Get Free Report) was upgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Monday,Zacks.com reports.

Several other equities analysts have also recently weighed in on NXT. Susquehanna cut their price objective on Nextpower from $180.00 to $168.00 and set a "positive" rating on the stock in a report on Friday, July 10th. BMO Capital Markets increased their price target on Nextpower from $113.00 to $125.00 and gave the company a "market perform" rating in a research report on Wednesday, May 13th. Royal Bank Of Canada raised their target price on shares of Nextpower from $146.00 to $149.00 and gave the company an "outperform" rating in a research note on Friday, May 29th. UBS Group reaffirmed a "buy" rating and set a $170.00 price objective on shares of Nextpower in a research report on Friday, May 29th. Finally, Jefferies Financial Group set a $153.00 price objective on Nextpower in a report on Friday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $148.06.

Nextpower Stock Performance

Nextpower stock opened at $104.66 on Monday. Nextpower has a 52 week low of $52.61 and a 52 week high of $163.13. The business's fifty day moving average is $124.97 and its two-hundred day moving average is $115.44. The firm has a market cap of $15.73 billion, a P/E ratio of 27.33, a P/E/G ratio of 1.97 and a beta of 1.86.

Nextpower (NASDAQ:NXT - Get Free Report) last released 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 company had revenue of $880.52 million during the quarter, compared to the consensus estimate of $826.26 million. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. On average, equities research analysts predict that Nextpower will post 3.77 earnings per share for the current year.

Insider Activity at Nextpower

In other Nextpower news, CFO Charles D. Boynton sold 4,500 shares of the firm's stock in a transaction on Monday, June 1st. The shares were sold at an average price of $151.79, for a total value of $683,055.00. Following the transaction, the chief financial officer directly owned 358,500 shares of the company's stock, valued at approximately $54,416,715. This trade represents a 1.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Daniel S. Shugar sold 26,077 shares of Nextpower stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $134.72, for a total value of $3,513,093.44. Following the transaction, the chief executive officer directly owned 931,419 shares in the company, valued at approximately $125,480,767.68. The trade was a 2.72% decrease in their position. The disclosure for this sale is available in the SEC filing. 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. Insiders have sold 168,574 shares of company stock worth $22,559,770 over the last quarter. 0.84% of the stock is owned by company insiders.

Hedge Funds Weigh In On Nextpower

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

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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