Nextpower (NASDAQ:NXT) has received an increased price target of $102.00 from Bank of America, up from a previous target of $94.00. This adjustment was announced in a research report distributed to investors on the morning of October 23, 2023. Bank of America maintains a “buy” rating on the stock, reflecting growing confidence in the company’s performance.
Several research firms have also recently weighed in on Nextpower, indicating a positive outlook for the company. Needham & Company LLC initiated coverage on October 22, 2023, assigning a “buy” rating with a price objective of $102.00. In a noteworthy development, Weiss Ratings upgraded Nextpower from a “hold (c+)” to a “buy (b-)” rating on November 7, 2023.
Wells Fargo & Company made a significant move by raising their price target for Nextpower from $72.00 to $109.00, coupled with an “overweight” rating on October 28, 2023. UBS Group also expressed optimism, boosting their target price to $125.00 with a “buy” rating on October 29, 2023. BMO Capital Markets adjusted their price target from $89.00 to $93.00, maintaining a “market perform” rating on October 24, 2023.
Overall, the consensus among analysts shows that Nextpower is well-regarded, with one analyst issuing a “Strong Buy” rating, seventeen providing a “Buy” rating, and nine assigning a “Hold” rating. According to data from MarketBeat.com, the current consensus rating is “Moderate Buy,” with an average target price of $95.76.
Nextpower’s Financial Performance
Nextpower recently reported its earnings results on October 23, 2023, showcasing a strong performance. The company recorded earnings of $1.19 per share (EPS) for the quarter, surpassing the consensus estimate of $0.98 by $0.21. Nextpower achieved a net margin of 17.08% and a return on equity of 35.05%. The company’s revenue for the quarter reached $905.27 million, exceeding analyst expectations of $839.53 million.
Looking ahead, Nextpower has set its fiscal year 2026 guidance for EPS between $4.040 and $4.250. Analysts forecast that Nextpower will post $3.29 earnings per share for the current year.
Insider Transactions and Investor Activity
In addition to analyst ratings, insider transactions have also caught attention. CFO Charles D. Boynton sold 4,500 shares of the company’s stock on September 15, 2023, at an average price of $67.21, amounting to approximately $302,445.00. After this transaction, Boynton retained 295,059 shares, valued at around $19,830,915.39, marking a 1.50% decrease in his ownership.
Similarly, President Howard Wenger sold 5,703 shares on August 19, 2023, at an average price of $70.00, totaling $399,210.00. Post-sale, Wenger holds 414,256 shares valued at approximately $28,997,920, a 1.36% decrease in his holdings. Over the past 90 days, insiders have sold a total of 15,420 shares valued at $1,092,930, representing 0.56% of the stock currently owned by corporate insiders.
Institutional investors have also been active in adjusting their positions in Nextpower. Northwestern Mutual Wealth Management Co. increased its stake by 703.7% during the first quarter, now holding 659 shares valued at $28,000 after acquiring an additional 577 shares. Cullen Frost Bankers Inc. enhanced its position by 122.3% in the second quarter, owning 589 shares valued at $32,000 after adding 324 shares.
Foster Dykema Cabot & Partners LLC established a new position valued at approximately $36,000, while Summit Securities Group LLC expanded its holdings by 796.0% in the first quarter, now owning 905 shares valued at $38,000. Lastly, BOKF NA increased its stake by 1,135.7% in the third quarter, owning 519 shares valued at $38,000. Collectively, institutional investors hold 67.41% of Nextpower’s stock.
Nextpower, previously known as Nextracker, specializes in energy solutions, providing solar trackers and software for utility-scale and distributed generation solar projects both in the United States and internationally. Their offerings include the NX Horizon solar tracking solution and the NX Horizon-XTR, designed for challenging terrains.
As Nextpower continues to capture investor interest, its evolving position in the renewable energy sector remains a focal point for analysts and stakeholders alike.
