Rhumbline Advisers Grows Stock Holdings in Nextpower Inc. $NXT

Rhumbline Advisers raised its stake in shares of Nextpower Inc. (NASDAQ:NXT) by 3.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 503,642 shares of the company’s stock after acquiring an additional 15,880 shares during the period. Rhumbline Advisers owned approximately 0.34% of Nextpower worth $37,264,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Primecap Management Co. CA increased its holdings in shares of Nextpower by 1.1% in the second quarter. Primecap Management Co. CA now owns 7,675,821 shares of the company’s stock valued at $417,334,000 after purchasing an additional 83,227 shares during the period. Encompass Capital Advisors LLC grew its position in Nextpower by 11.0% in the 2nd quarter. Encompass Capital Advisors LLC now owns 2,919,777 shares of the company’s stock valued at $158,748,000 after buying an additional 289,663 shares during the last quarter. Norges Bank acquired a new position in Nextpower in the 2nd quarter valued at $140,772,000. Handelsbanken Fonder AB raised its position in Nextpower by 8.3% during the 2nd quarter. Handelsbanken Fonder AB now owns 2,303,206 shares of the company’s stock worth $125,225,000 after buying an additional 176,530 shares during the last quarter. Finally, Westfield Capital Management Co. LP lifted its stake in shares of Nextpower by 6.0% in the 2nd quarter. Westfield Capital Management Co. LP now owns 1,317,564 shares of the company’s stock worth $71,636,000 after acquiring an additional 74,413 shares during the period. 67.41% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Needham & Company LLC lifted their price objective on Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a report on Thursday, January 29th. KeyCorp raised Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 price objective on the stock in a report on Wednesday, January 28th. TD Cowen increased their price objective on Nextpower from $88.00 to $105.00 and gave the stock a “hold” rating in a research report on Wednesday, January 28th. Guggenheim set a $74.00 price target on shares of Nextpower in a research note on Wednesday, October 22nd. Finally, Citigroup raised shares of Nextpower from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $66.00 to $114.00 in a report on Tuesday, October 21st. One research analyst has rated the stock with a Strong Buy rating, seventeen have given a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $108.32.

Nextpower Trading Up 1.9%

Shares of NASDAQ NXT opened at $116.44 on Friday. The company’s 50-day moving average price is $99.57 and its 200 day moving average price is $85.97. Nextpower Inc. has a 52 week low of $36.06 and a 52 week high of $131.59. The stock has a market cap of $17.29 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 3.42 and a beta of 2.35.

Nextpower (NASDAQ:NXT) last announced its quarterly earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share (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 company had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. As a group, research analysts expect that Nextpower Inc. will post 3.29 earnings per share for the current year.

Insiders Place Their Bets

In other Nextpower news, CAO David P. Bennett sold 33,725 shares of the firm’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $88.08, for a total transaction of $2,970,498.00. Following the completion of the transaction, the chief accounting officer owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. This trade represents a 20.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director William D. Watkins sold 10,000 shares of Nextpower stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $91.85, for a total value of $918,500.00. Following the sale, the director owned 16,777 shares of the company’s stock, valued at approximately $1,540,967.45. This represents a 37.35% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 96,468 shares of company stock valued at $8,839,829. Corporate insiders own 0.56% of the company’s stock.

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.