Nextpower Inc. $NXT Shares Bought by Reynders McVeigh Capital Management LLC

Reynders McVeigh Capital Management LLC lifted its holdings in Nextpower Inc. (NASDAQ:NXT) by 10.9% during the 4th quarter, HoldingsChannel.com reports. The firm owned 129,867 shares of the company’s stock after acquiring an additional 12,800 shares during the quarter. Reynders McVeigh Capital Management LLC’s holdings in Nextpower were worth $11,313,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Whittier Trust Co. of Nevada Inc. grew its stake in shares of Nextpower by 268.7% in the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock worth $28,000 after purchasing an additional 223 shares during the last quarter. Baillie Gifford & Co. grew its stake in shares of Nextpower by 76.5% in the 4th quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock worth $37,000 after purchasing an additional 182 shares during the last quarter. Foster Dykema Cabot & Partners LLC acquired a new position in shares of Nextpower in the 3rd quarter worth approximately $36,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of Nextpower by 511.1% in the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 495 shares of the company’s stock worth $37,000 after purchasing an additional 414 shares during the last quarter. Finally, Rakuten Securities Inc. grew its stake in shares of Nextpower by 324.8% in the 4th quarter. Rakuten Securities Inc. now owns 514 shares of the company’s stock worth $45,000 after purchasing an additional 393 shares during the last quarter. Institutional investors and hedge funds own 67.41% of the company’s stock.

Nextpower Price Performance

Nextpower stock opened at $119.93 on Monday. The firm’s 50 day simple moving average is $114.44 and its 200-day simple moving average is $103.89. The company has a market cap of $17.81 billion, a P/E ratio of 30.67, a price-to-earnings-growth ratio of 5.70 and a beta of 1.60. Nextpower Inc. has a fifty-two week low of $40.85 and a fifty-two week high of $131.72.

Analyst Upgrades and Downgrades

NXT has been the topic of several analyst reports. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research report on Friday, March 27th. Deutsche Bank Aktiengesellschaft set a $129.00 target price on shares of Nextpower and gave the stock a “buy” rating in a research report on Thursday, April 9th. Barclays lifted their target price on shares of Nextpower from $115.00 to $123.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 7th. UBS Group lifted their target price on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, January 28th. Finally, Susquehanna lifted their target price on shares of Nextpower from $133.00 to $136.00 and gave the stock a “positive” rating in a research report on Thursday, April 9th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $117.79.

Insider Activity at Nextpower

In related news, CEO Daniel S. Shugar sold 59,456 shares of the firm’s stock in a transaction that occurred on Monday, March 9th. The shares were 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 directly owned 746,339 shares in the company, valued at approximately $78,492,472.63. This trade represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.56% of the company’s stock.

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.