Nextpower's (NXT) Buy Rating Reaffirmed at Glj Research

Key Points

• GLJ Research reaffirmed its “buy” rating on Nextpower and maintained a $149 price target, implying approximately 51% upside from the stock’s current price.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $146.12; 24 of 27 analysts rate the stock Buy or Strong Buy.
• Nextpower exceeded quarterly earnings expectations, reporting $1.20 in EPS versus a $1.05 consensus estimate, while institutional investors own a substantial 67.41% of the company.

Nextpower (NASDAQ:NXT - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Glj Research in a research note issued on Wednesday,Benzinga reports. They presently have a $149.00 target price on the stock. Glj Research's price target would indicate a potential upside of 51.36% from the stock's current price.

A number of other analysts also recently issued reports on NXT. Guggenheim upgraded shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 price target on the stock in a report on Wednesday, July 15th. The Goldman Sachs Group restated a "buy" rating and set a $168.00 price objective on shares of Nextpower in a research report on Wednesday, July 1st. Susquehanna reduced their target price on Nextpower from $168.00 to $157.00 and set a "positive" rating on the stock in a report on Friday, July 31st. Loop Capital set a $135.00 target price on Nextpower in a research report on Wednesday, May 13th. Finally, Citigroup dropped their price target on Nextpower from $145.00 to $132.00 and set a "buy" rating for the company in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and three have given a Hold rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $146.12.

Nextpower Price Performance

Shares of NXT opened at $98.44 on Wednesday. Nextpower has a 1 year low of $52.61 and a 1 year high of $163.13. The company has a 50 day simple moving average of $116.05 and a two-hundred day simple moving average of $116.36. The firm has a market cap of $14.79 billion, a P/E ratio of 25.50, a price-to-earnings-growth ratio of 1.80 and a beta of 1.95.

Nextpower (NASDAQ:NXT - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $1.20 EPS for the quarter, topping the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The firm had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. On average, sell-side analysts anticipate that Nextpower will post 3.75 earnings per share for the current year.

Insider Activity

In related news, President Howard Wenger sold 62,670 shares of the stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $130.25, for a total value of $8,162,767.50. Following the completion of the transaction, the president owned 426,467 shares of the company's stock, valued at approximately $55,547,326.75. This trade represents a 12.81% decrease in their position. The sale was disclosed in a legal 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Bruce Ledesma sold 3,248 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 transaction of $437,570.56. Following the sale, the insider directly owned 246,130 shares of the company's stock, valued at $33,158,633.60. This represents a 1.30% decrease in their position. 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. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 168,574 shares of company stock worth $22,559,770. 0.84% of the stock is owned by insiders.

Institutional Investors Weigh In On Nextpower

Hedge funds have recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Nextpower during the fourth quarter valued at $170,918,000. Amundi grew its holdings in Nextpower by 156.1% during the 3rd quarter. Amundi now owns 2,111,628 shares of the company's stock worth $161,600,000 after acquiring an additional 1,287,071 shares in the last quarter. Janus Henderson Group PLC increased its position in Nextpower by 134.3% during the 1st quarter. Janus Henderson Group PLC now owns 1,362,466 shares of the company's stock valued at $164,488,000 after purchasing an additional 780,958 shares during the period. Electron Capital Partners LLC raised its holdings in shares of Nextpower by 2,017.7% in the 3rd quarter. Electron Capital Partners LLC now owns 566,415 shares of the company's stock valued at $41,909,000 after purchasing an additional 539,668 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its holdings in shares of Nextpower by 142.3% in the 4th quarter. Lord Abbett & CO. LLC now owns 848,110 shares of the company's stock valued at $73,879,000 after purchasing an additional 498,110 shares in the last quarter. 67.41% of the stock is currently owned by hedge funds and other 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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