Essex Investment Management Co. LLC Makes New $616,000 Investment in Nextpower Inc. $NXT

Essex Investment Management Co. LLC acquired a new position in shares of Nextpower Inc. (NASDAQ:NXT) in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 8,326 shares of the company’s stock, valued at approximately $616,000.

Several other institutional investors and hedge funds also recently made changes to their positions in NXT. Cullen Frost Bankers Inc. lifted its holdings in Nextpower by 122.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock worth $32,000 after purchasing an additional 324 shares during the last quarter. Hantz Financial Services Inc. increased its position in Nextpower by 1,737.8% during the 2nd quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after buying an additional 782 shares during the period. MAI Capital Management increased its position in Nextpower by 309.4% during the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock worth $45,000 after buying an additional 628 shares during the period. EverSource Wealth Advisors LLC lifted its holdings in shares of Nextpower by 179.7% during the second quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after buying an additional 724 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its position in shares of Nextpower by 42,633.3% in the third quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock valued at $95,000 after acquiring an additional 1,279 shares during the period. Institutional investors and hedge funds own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on NXT shares. KeyCorp upgraded shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price target on the stock in a research note on Wednesday, January 28th. JPMorgan Chase & Co. boosted their price objective on shares of Nextpower from $92.00 to $110.00 and gave the company an “overweight” rating in a report on Friday, October 24th. Jefferies Financial Group lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research report on Sunday. Barclays set a $115.00 price target on shares of Nextpower in a research report on Thursday, January 29th. Finally, Robert W. Baird set a $126.00 price target on Nextpower in a research note on Wednesday, January 28th. One analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.32.

Insider Transactions at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 47,743 shares of Nextpower stock in a transaction dated Monday, November 17th. The stock was sold at an average price of $91.28, for a total value of $4,357,981.04. Following the transaction, the chief executive officer owned 624,882 shares in the company, valued at $57,039,228.96. The trade was a 7.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $88.08, for a total value of $2,970,498.00. Following the transaction, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 96,468 shares of company stock valued at $8,839,829. Corporate insiders own 0.56% of the company’s stock.

Nextpower Trading Down 3.2%

Shares of Nextpower stock opened at $117.94 on Wednesday. The company has a market cap of $17.51 billion, a PE ratio of 30.16, a price-to-earnings-growth ratio of 3.58 and a beta of 2.35. The company has a 50 day moving average of $97.92 and a 200-day moving average of $85.03. Nextpower Inc. has a 1-year low of $36.06 and a 1-year high of $131.59.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS for the quarter, beating the consensus estimate of $0.93 by $0.17. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. The business had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Research analysts forecast that Nextpower Inc. will post 3.29 earnings per share for the current year.

Nextpower 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.