Swedbank AB Cuts Stock Holdings in Nextpower Inc. $NXT

Swedbank AB reduced its position in Nextpower Inc. (NASDAQ:NXT) by 4.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 152,933 shares of the company’s stock after selling 6,567 shares during the period. Swedbank AB’s holdings in Nextpower were worth $18,436,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Nextpower by 19.6% during 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 buying an additional 71,842 shares during the period. M&T Bank Corp purchased a new stake in shares of Nextpower during the 2nd quarter worth about $223,000. EverSource Wealth Advisors LLC boosted its stake in shares of Nextpower by 179.7% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock worth $61,000 after acquiring an additional 724 shares in the last quarter. Cerity Partners LLC grew its position in shares of Nextpower by 154.0% during the 2nd quarter. Cerity Partners LLC now owns 18,539 shares of the company’s stock valued at $1,008,000 after acquiring an additional 11,239 shares during the period. Finally, California Public Employees Retirement System grew its position in shares of 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 acquiring an additional 59,573 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Stock Up 2.7%

NXT opened at $112.71 on Friday. The company has a market cap of $16.94 billion, a PE ratio of 29.43, a price-to-earnings-growth ratio of 2.20 and a beta of 1.86. Nextpower Inc. has a twelve month low of $52.61 and a twelve month high of $163.13. The company has a 50-day moving average price of $125.79 and a 200 day moving average price of $115.15.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings data on Tuesday, May 12th. The company reported $1.05 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.89 by $0.16. Nextpower had a return on equity of 28.18% and a net margin of 16.46%.The company had revenue of $880.52 million for the quarter, compared to analysts’ expectations of $826.26 million. Nextpower has set its FY 2027 guidance at 4.210-4.590 EPS. As a group, sell-side analysts expect that Nextpower Inc. will post 3.71 earnings per share for the current year.

Analysts Set New Price Targets

NXT has been the subject of a number of analyst reports. Royal Bank Of Canada upped their price target on Nextpower from $146.00 to $149.00 and gave the stock an “outperform” rating in a report on Friday, May 29th. Barclays raised their price objective on Nextpower from $142.00 to $147.00 and gave the company an “overweight” rating in a report on Tuesday. JPMorgan Chase & Co. boosted their price objective on Nextpower from $155.00 to $174.00 and gave the company an “overweight” rating in a research report on Friday, May 29th. Susquehanna upped their target price on Nextpower from $161.00 to $180.00 and gave the stock a “positive” rating in a research note on Monday, June 1st. Finally, Weiss Ratings lowered Nextpower from a “buy (b)” rating to a “buy (b-)” rating in a research report on Friday, June 26th. Twenty investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $148.89.

Insider Transactions at Nextpower

In related news, President Howard Wenger sold 62,670 shares of the stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50. Following the completion of the transaction, the president directly owned 426,467 shares of the company’s stock, valued at approximately $55,547,326.75. This represents a 12.81% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Nicholas Marco Miller sold 22,427 shares of the firm’s stock in a transaction on Friday, May 29th. The shares were sold at an average price of $156.00, for a total value of $3,498,612.00. Following the completion of the transaction, the chief operating officer owned 186,194 shares in the company, valued at $29,046,264. The trade was a 10.75% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 168,574 shares of company stock valued at $22,559,770. Insiders own 0.56% of the company’s stock.

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.