Nextpower (NASDAQ:NXT) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Nextpower (NASDAQ: NXT) from a "hold" to a "buy" rating in a recent report.
• Analyst sentiment is broadly positive — 1 Strong Buy, 19 Buy and 6 Hold ratings, a consensus "Moderate Buy" and a consensus price target of $114.49, with several firms (UBS, BofA, Barclays, Mizuho, KeyCorp) raising targets.
• Nextpower recently beat quarterly expectations, reporting $1.10 EPS versus $0.93 expected and $909.35M in revenue versus $812.43M, along with a 32.01% ROE and 16.43% net margin.

Nextpower (NASDAQ:NXT - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Sunday.

Several other equities analysts have also recently weighed in on NXT. Mizuho set a $81.00 price target on Nextpower in a report on Friday, January 23rd. UBS Group increased their price target on Nextpower from $125.00 to $140.00 and gave the company a "buy" rating in a report on Wednesday, January 28th. Bank of America raised their target price on Nextpower from $102.00 to $108.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. KeyCorp reaffirmed an "overweight" rating on shares of Nextpower in a report on Friday, March 13th. Finally, Barclays raised their target price on Nextpower from $115.00 to $123.00 and gave the stock an "overweight" rating in a report on Tuesday, April 7th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $114.49.

Nextpower Price Performance

NASDAQ NXT opened at $111.39 on Friday. The business's fifty day moving average price is $114.86 and its 200-day moving average price is $101.47. The stock has a market capitalization of $16.54 billion, a price-to-earnings ratio of 28.49, a PEG ratio of 2.46 and a beta of 2.02. Nextpower has a 1-year low of $37.16 and a 1-year high of $131.72.

Nextpower (NASDAQ:NXT - Get Free Report) last released its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating the consensus estimate of $0.93 by $0.17. The firm had revenue of $909.35 million for the quarter, compared to analysts' expectations of $812.43 million. Nextpower had a return on equity of 32.01% and a net margin of 16.43%. Equities research analysts anticipate that Nextpower will post 3.29 EPS for the current year.

Insiders Place Their Bets

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the stock in a transaction on Friday, January 30th. The stock was sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the sale, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. This represents a 29.80% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction on Monday, March 9th. The stock was sold at an average price of $105.17, for a total value of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares of the company's stock, valued at $78,492,472.63. The trade was a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 104,348 shares of company stock valued at $10,876,525 in the last quarter. 0.56% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Nextpower

A number of institutional investors have recently bought and sold shares of the business. Jupiter Asset Management Ltd. increased its stake in Nextpower by 0.3% in the 4th quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company's stock worth $2,326,000 after buying an additional 86 shares in the last quarter. Signaturefd LLC increased its stake in Nextpower by 4.1% in the 4th quarter. Signaturefd LLC now owns 3,216 shares of the company's stock worth $280,000 after buying an additional 126 shares in the last quarter. Allworth Financial LP grew its position in shares of Nextpower by 16.8% during the third quarter. Allworth Financial LP now owns 979 shares of the company's stock valued at $72,000 after purchasing an additional 141 shares in the last quarter. EverSource Wealth Advisors LLC grew its position in shares of Nextpower by 12.2% during the fourth quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company's stock valued at $114,000 after purchasing an additional 143 shares in the last quarter. Finally, Evexia Wealth LLC grew its position in shares of Nextpower by 2.2% during the first quarter. Evexia Wealth LLC now owns 6,620 shares of the company's stock valued at $738,000 after purchasing an additional 143 shares in the last quarter. 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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