Robert W. Baird Issues Positive Forecast for Nextpower (NASDAQ:NXT) Stock Price

Key Points

• Robert W. Baird raised its price target on Nextpower from $126 to $133 and maintained an "outperform" rating, implying roughly an 8.6% upside; the stock carries a consensus "Moderate Buy" with an average target of $117.79 as multiple firms have recently lifted targets.
• Earnings beat: Nextpower reported $1.10 EPS vs. $0.93 expected and revenue of $909.35M (vs. $812.43M consensus), with a 32.0% ROE and a 16.4% net margin, while the shares trade near $122 and the company has an $18.18B market cap.
• Insider selling is notable: insiders sold 104,348 shares in the past 90 days (including CEO Daniel Shugar’s 59,456-share sale of about $6.25M), leaving insiders with 0.56% ownership, while institutional investors own 67.41%.

Nextpower (NASDAQ:NXT - Get Free Report) had its price target raised by research analysts at Robert W. Baird from $126.00 to $133.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an "outperform" rating on the stock. Robert W. Baird's target price points to a potential upside of 8.63% from the company's previous close.

A number of other equities research analysts also recently weighed in on the company. Barclays lifted their target price on Nextpower from $115.00 to $123.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 7th. Glj Research reissued a "buy" rating and set a $147.33 target price on shares of Nextpower in a research report on Monday, March 16th. Susquehanna lifted their target price on Nextpower from $133.00 to $136.00 and gave the stock a "positive" rating in a research report on Thursday, April 9th. Needham & Company LLC lifted their target price on Nextpower from $103.00 to $138.00 and gave the stock a "buy" rating in a research report on Thursday, January 29th. Finally, KeyCorp reissued an "overweight" rating on shares of Nextpower in a research report on Friday, March 13th. One research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have issued a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $117.79.

Nextpower Stock Performance

Shares of NASDAQ:NXT opened at $122.43 on Tuesday. Nextpower has a 52-week low of $37.16 and a 52-week high of $131.72. The company has a market cap of $18.18 billion, a P/E ratio of 31.31, a P/E/G ratio of 5.77 and a beta of 2.02. The stock's 50-day moving average is $114.70 and its 200-day moving average is $103.23.

Nextpower (NASDAQ:NXT - Get Free Report) last released its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping analysts' consensus estimates of $0.93 by $0.17. Nextpower had a return on equity of 32.01% and a net margin of 16.43%.The business had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. As a group, equities analysts predict that Nextpower will post 3.72 EPS for the current year.

Insider Transactions at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of Nextpower stock in a transaction that occurred on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the completion of the transaction, the director owned 11,777 shares in the company, valued at approximately $1,396,398.89. The trade was a 29.80% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Daniel S. Shugar sold 59,456 shares of Nextpower stock in a transaction that occurred on Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the transaction, the chief executive officer owned 746,339 shares of the company's stock, valued at $78,492,472.63. This trade represents a 7.38% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 104,348 shares of company stock valued at $10,876,525. Corporate insiders own 0.56% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Hunter Associates Investment Management LLC bought a new position in Nextpower in the 1st quarter worth approximately $242,000. QRG Capital Management Inc. raised its position in Nextpower by 35.2% in the 1st quarter. QRG Capital Management Inc. now owns 4,492 shares of the company's stock worth $542,000 after purchasing an additional 1,170 shares during the last quarter. HB Wealth Management LLC raised its position in Nextpower by 11.0% in the 1st quarter. HB Wealth Management LLC now owns 3,039 shares of the company's stock worth $366,000 after purchasing an additional 302 shares during the last quarter. World Investment Advisors bought a new position in Nextpower in the 1st quarter worth approximately $247,000. Finally, Private Advisor Group LLC bought a new position in Nextpower in the 1st quarter worth approximately $343,000. Institutional investors own 67.41% of the company's stock.

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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