Danske Bank A S Trims Stake in Nextpower Inc. $NXT

Danske Bank A S reduced its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 49.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 229,354 shares of the company’s stock after selling 220,685 shares during the period. Danske Bank A S’s holdings in Nextpower were worth $19,979,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. New York State Teachers Retirement System increased its stake in shares of Nextpower by 4.1% in the fourth quarter. New York State Teachers Retirement System now owns 143,526 shares of the company’s stock worth $12,503,000 after purchasing an additional 5,587 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Nextpower by 24.9% in the fourth quarter. Jennison Associates LLC now owns 79,777 shares of the company’s stock worth $6,949,000 after purchasing an additional 15,916 shares in the last quarter. Wealth High Governance Capital Ltda purchased a new position in Nextpower during the fourth quarter valued at $21,264,000. Moody Aldrich Partners LLC purchased a new position in Nextpower during the fourth quarter valued at $3,749,000. Finally, M&T Bank Corp lifted its position in Nextpower by 52.2% during the fourth quarter. M&T Bank Corp now owns 6,511 shares of the company’s stock valued at $567,000 after purchasing an additional 2,232 shares during the last quarter. 67.41% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction that occurred on Monday, March 9th. The stock was sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the completion of the sale, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. The trade was a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on NXT shares. Glj Research restated a “buy” rating and issued a $147.33 target price on shares of Nextpower in a report on Monday, March 16th. Needham & Company LLC lifted their price objective on shares of Nextpower from $103.00 to $138.00 and gave the stock a “buy” rating in a research report on Thursday, January 29th. Wall Street Zen cut shares of Nextpower from a “buy” rating to a “hold” rating in a research note on Monday, April 27th. Wells Fargo & Company increased their price objective on shares of Nextpower from $109.00 to $127.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 28th. Finally, Deutsche Bank Aktiengesellschaft set a $129.00 target price on shares of Nextpower and gave the company a “buy” rating in a research note on Thursday, April 9th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, Nextpower currently has a consensus rating of “Moderate Buy” and an average price target of $117.79.

Nextpower Stock Performance

NASDAQ NXT opened at $119.93 on Friday. The firm has a 50 day simple moving average of $114.44 and a 200-day simple moving average of $103.77. Nextpower Inc. has a one year low of $40.85 and a one year high of $131.72. The firm has a market cap of $17.81 billion, a price-to-earnings ratio of 30.67, a PEG ratio of 5.70 and a beta of 1.60.

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.