Key Points
- Director Brandi Elizabeth Thomas sold 7,415 Nextpower shares for approximately $676,619 at an average price of $91.25, reducing her direct ownership by 48.37% to 7,914 shares.
- Nextpower shares opened at $87.86, down 4.6%, and remain well below their 50-day and 200-day moving averages of $107.20 and $115.80, respectively.
- The company exceeded quarterly EPS expectations, reporting $1.20 versus the $1.05 consensus, while analysts maintain a “Moderate Buy” consensus with an average price target of $146.12.
Nextpower Inc. (NASDAQ:NXT - Get Free Report) Director Brandi Elizabeth Thomas sold 7,415 shares of the stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total value of $676,618.75. Following the completion of the transaction, the director directly owned 7,914 shares in the company, valued at $722,152.50. This trade represents a 48.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link.
Nextpower Trading Down 4.6%
Shares of Nextpower stock opened at $87.86 on Friday. Nextpower Inc. has a twelve month low of $63.87 and a twelve month high of $163.13. The stock has a market capitalization of $13.33 billion, a P/E ratio of 22.76, a PEG ratio of 1.84 and a beta of 1.95. The business's fifty day moving average price is $107.20 and its 200 day moving average price is $115.80.
Nextpower (NASDAQ:NXT - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.05 by $0.15. The firm had revenue of $935.17 million during the quarter, compared to the consensus estimate of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. As a group, sell-side analysts predict that Nextpower Inc. will post 3.73 EPS for the current year.
Wall Street Analysts Forecast Growth
A number of analysts have recently issued reports on the company. Citigroup decreased their target price on Nextpower from $145.00 to $132.00 and set a "buy" rating for the company in a report on Monday, August 3rd. Zacks Research cut shares of Nextpower from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Guggenheim raised shares of Nextpower from a "neutral" rating to a "buy" rating and set a $125.00 price target on the stock in a research report on Wednesday, July 15th. Wells Fargo & Company boosted their price objective on shares of Nextpower from $143.00 to $151.00 and gave the stock an "overweight" rating in a research note on Friday, May 29th. Finally, Freedom Capital raised shares of Nextpower from a "hold" rating to a "strong-buy" rating in a research report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $146.12.
View Our Latest Stock Analysis on NXT
Hedge Funds Weigh In On Nextpower
Several hedge funds and other institutional investors have recently bought and sold shares of NXT. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Nextpower by 19.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 437,490 shares of the company's stock valued at $18,436,000 after acquiring an additional 71,842 shares in the last quarter. M&T Bank Corp purchased a new position in shares of Nextpower in the second quarter valued at $223,000. EverSource Wealth Advisors LLC boosted its stake in shares of Nextpower by 179.7% in the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company's stock valued at $61,000 after purchasing an additional 724 shares during the period. Cerity Partners LLC boosted its stake in shares of Nextpower by 154.0% in the second quarter. Cerity Partners LLC now owns 18,539 shares of the company's stock valued at $1,008,000 after purchasing an additional 11,239 shares during the period. Finally, California Public Employees Retirement System grew its holdings in Nextpower by 36.5% during the 2nd quarter. California Public Employees Retirement System now owns 222,960 shares of the company's stock valued at $12,122,000 after purchasing an additional 59,573 shares in the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.
About Nextpower
(
Get Free Report)
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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