Wedge Capital Management L L P NC Has $71.56 Million Position in Nextpower Inc. $NXT

Wedge Capital Management L L P NC lifted its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 20.0% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 600,671 shares of the company’s stock after purchasing an additional 100,186 shares during the period. Nextpower accounts for about 1.2% of Wedge Capital Management L L P NC’s portfolio, making the stock its 23rd largest position. Wedge Capital Management L L P NC owned 0.40% of Nextpower worth $71,564,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NXT. State Street Corp grew its holdings in Nextpower by 0.6% during the 3rd quarter. State Street Corp now owns 5,391,696 shares of the company’s stock worth $398,932,000 after acquiring an additional 31,689 shares during the last quarter. Geode Capital Management LLC raised its stake in shares of Nextpower by 6.3% in the fourth quarter. Geode Capital Management LLC now owns 4,021,741 shares of the company’s stock worth $350,385,000 after acquiring an additional 236,593 shares during the last quarter. Invesco Ltd. raised its stake in shares of Nextpower by 5.1% in the fourth quarter. Invesco Ltd. now owns 2,864,660 shares of the company’s stock worth $249,541,000 after acquiring an additional 139,211 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Nextpower by 4.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,429,410 shares of the company’s stock worth $211,627,000 after purchasing an additional 111,782 shares in the last quarter. Finally, Amundi lifted its position in shares of Nextpower by 156.1% during the third quarter. Amundi now owns 2,111,628 shares of the company’s stock worth $161,600,000 after purchasing an additional 1,287,071 shares in the last quarter. 67.41% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Nextpower

In other Nextpower news, CEO Daniel S. Shugar sold 67,636 shares of the stock in a transaction dated Monday, August 10th. The stock was sold at an average price of $103.07, for a total value of $6,971,242.52. Following the transaction, the chief executive officer owned 871,131 shares of the company’s stock, valued at approximately $89,787,472.17. This represents a 7.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Charles D. Boynton sold 4,500 shares of the firm’s stock in a transaction dated Monday, June 1st. The stock was sold at an average price of $151.79, for a total value of $683,055.00. Following the transaction, the chief financial officer owned 358,500 shares in the company, valued at approximately $54,416,715. This trade represents a 1.24% 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. In the last ninety days, insiders have sold 238,499 shares of company stock valued at $29,753,549. Corporate insiders own 0.84% of the company’s stock.

Nextpower Stock Performance

NXT opened at $104.88 on Wednesday. The company has a fifty day moving average price of $111.70 and a two-hundred day moving average price of $116.51. Nextpower Inc. has a 52 week low of $52.61 and a 52 week high of $163.13. The firm has a market capitalization of $15.91 billion, a PE ratio of 27.17, a P/E/G ratio of 2.06 and a beta of 1.95.

Nextpower (NASDAQ:NXT) last posted its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%.The company had revenue of $935.17 million for the quarter, compared to the consensus estimate of $935.39 million. Equities analysts forecast that Nextpower Inc. will post 3.73 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on NXT. Northland Securities raised their price target on shares of Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a report on Friday, May 29th. Truist Financial upped their price objective on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, July 31st. BMO Capital Markets upgraded Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective on the stock in a research report on Friday, July 31st. Mizuho lowered their target price on Nextpower from $142.00 to $111.00 and set a “neutral” rating for the company in a research note on Tuesday, August 4th. Finally, Susquehanna lowered their target price on Nextpower from $168.00 to $157.00 and set a “positive” rating for the company in a research note on Friday, July 31st. Two equities research analysts have rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and a consensus price target of $146.12.

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.