Handelsbanken Fonder AB Lowers Stock Position in Nextpower Inc. $NXT

Handelsbanken Fonder AB trimmed its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 3.4% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,224,599 shares of the company’s stock after selling 78,607 shares during the quarter. Nextpower makes up approximately 0.5% of Handelsbanken Fonder AB’s investment portfolio, making the stock its 26th biggest holding. Handelsbanken Fonder AB owned about 1.50% of Nextpower worth $164,598,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of NXT. Natural Investments LLC boosted its position in Nextpower by 0.9% during the 3rd quarter. Natural Investments LLC now owns 16,750 shares of the company’s stock valued at $1,239,000 after acquiring an additional 155 shares in the last quarter. Fifth Third Bancorp raised its position in shares of Nextpower by 15.9% in the 3rd quarter. Fifth Third Bancorp now owns 1,264 shares of the company’s stock worth $94,000 after acquiring an additional 173 shares in the last quarter. Farther Finance Advisors LLC lifted its stake in shares of Nextpower by 8.3% during the 3rd quarter. Farther Finance Advisors LLC now owns 2,585 shares of the company’s stock worth $191,000 after purchasing an additional 198 shares during the last quarter. State of Michigan Retirement System lifted its stake in shares of Nextpower by 0.6% during the 2nd quarter. State of Michigan Retirement System now owns 34,600 shares of the company’s stock worth $1,881,000 after purchasing an additional 200 shares during the last quarter. Finally, Redwood Investment Management LLC boosted its position in Nextpower by 4.1% during the second quarter. Redwood Investment Management LLC now owns 5,177 shares of the company’s stock valued at $281,000 after purchasing an additional 204 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on NXT shares. KeyCorp upgraded shares of Nextpower from a “sector weight” rating to an “overweight” rating and set a $142.00 target price for the company in a report on Wednesday, January 28th. Northland Securities set a $111.00 price objective on shares of Nextpower in a research report on Tuesday, January 6th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $119.00 price objective on shares of Nextpower in a research note on Thursday, January 29th. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research report on Monday, December 29th. Finally, Royal Bank Of Canada raised their target price on shares of Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research note on Thursday, November 13th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have given a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $108.32.

Nextpower Price Performance

NASDAQ NXT opened at $106.86 on Friday. The company has a market cap of $15.87 billion, a price-to-earnings ratio of 27.33, a PEG ratio of 3.43 and a beta of 2.35. The stock’s fifty day moving average price is $104.84 and its 200 day moving average price is $89.59. Nextpower Inc. has a 1 year low of $36.06 and a 1 year high of $131.59.

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

Insider Activity at Nextpower

In other news, Director William D. Watkins sold 5,000 shares of the company’s stock in a transaction on Friday, January 30th. The shares were sold at an average price of $118.57, for a total value of $592,850.00. Following the sale, the director directly owned 11,777 shares of the company’s stock, valued at $1,396,398.89. This represents a 29.80% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO David P. Bennett sold 33,725 shares of the 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 sale, the chief accounting officer owned 130,967 shares in the company, valued at $11,535,573.36. The trade was a 20.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.56% of the stock is currently owned by corporate insiders.

About Nextpower

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.