Vanguard Group Inc. Increases Stock Holdings in Nextpower Inc. $NXT

Vanguard Group Inc. grew its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 2.0% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,167,845 shares of the company’s stock after purchasing an additional 283,981 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of Nextpower worth $1,048,279,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new stake in Nextpower during the second quarter valued at approximately $140,772,000. Allianz Asset Management GmbH grew its position in shares of Nextpower by 938.0% during the 3rd quarter. Allianz Asset Management GmbH now owns 794,538 shares of the company’s stock valued at $58,788,000 after acquiring an additional 717,991 shares during the period. American Century Companies Inc. increased its stake in shares of Nextpower by 144.6% in the 2nd quarter. American Century Companies Inc. now owns 547,590 shares of the company’s stock worth $29,772,000 after purchasing an additional 323,717 shares in the last quarter. Voya Investment Management LLC raised its holdings in Nextpower by 93.3% in the 3rd quarter. Voya Investment Management LLC now owns 613,634 shares of the company’s stock worth $45,403,000 after purchasing an additional 296,232 shares during the period. Finally, Encompass Capital Advisors LLC lifted its position in Nextpower by 11.0% during the second quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after purchasing an additional 289,663 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on NXT shares. The Goldman Sachs Group upped their price target on Nextpower from $89.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, October 27th. Barclays set a $115.00 target price on shares of Nextpower in a report on Thursday, January 29th. Bank of America raised their target price on shares of Nextpower from $102.00 to $108.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada upped their price target on shares of Nextpower from $93.00 to $96.00 and gave the stock an “outperform” rating in a research report on Thursday, November 13th. Finally, Roth Mkm reissued a “buy” rating and issued a $130.00 price objective on shares of Nextpower in a research note on Wednesday, January 28th. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $108.32.

Insider Activity

In other Nextpower news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The stock was sold at an average price of $118.57, for a total transaction of $592,850.00. Following the sale, the director directly owned 11,777 shares in the company, valued at $1,396,398.89. This represents a 29.80% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $88.08, for a total value of $2,970,498.00. Following the completion of the sale, the chief accounting officer directly owned 130,967 shares of the company’s stock, valued at $11,535,573.36. The trade was a 20.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.56% of the stock is currently owned by corporate insiders.

Nextpower Price Performance

NASDAQ:NXT opened at $119.34 on Friday. The company has a market cap of $17.72 billion, a price-to-earnings ratio of 30.52, a PEG ratio of 3.51 and a beta of 2.35. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59. The stock’s 50 day simple moving average is $102.59 and its two-hundred day simple moving average is $88.16.

Nextpower (NASDAQ:NXT) last posted its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, beating analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $909.35 million during the quarter, compared to analyst estimates of $812.43 million. Nextpower had a net margin of 16.43% and a return on equity of 32.01%. As a group, analysts anticipate that Nextpower Inc. will post 3.29 EPS for the current year.

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.