Nextpower (NASDAQ:NXT) President Sells $1,171,021.28 in Stock

Nextpower Inc. (NASDAQ:NXT) President Howard Wenger sold 11,176 shares of the company’s stock in a transaction on Tuesday, August 11th. The shares were sold at an average price of $104.78, for a total value of $1,171,021.28. Following the transaction, the president directly owned 419,868 shares in the company, valued at $43,993,769.04. This represents a 2.59% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Howard Wenger also recently made the following trade(s):

• On Tuesday, May 26th, Howard Wenger sold 62,670 shares of Nextpower stock. The stock was sold at an average price of $130.25, for a total value of $8,162,767.50.
• On Friday, May 22nd, Howard Wenger sold 9,051 shares of Nextpower stock. The shares were sold at an average price of $121.02, for a total value of $1,095,352.02.
• On Wednesday, May 20th, Howard Wenger sold 16,090 shares of Nextpower stock. The shares were sold at an average price of $127.32, for a total transaction of $2,048,578.80.

Nextpower Stock Down 2.9%

Shares of NASDAQ:NXT opened at $101.47 on Friday. The firm has a market capitalization of $15.40 billion, a PE ratio of 26.29, a P/E/G ratio of 2.09 and a beta of 1.95. Nextpower Inc. has a twelve month low of $53.77 and a twelve month high of $163.13. The company has a 50-day moving average price of $109.33 and a two-hundred day moving average price of $116.39.

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

Analysts Set New Price Targets

A number of research firms have recently commented on NXT. Jefferies Financial Group reaffirmed a “buy” rating and issued a $131.00 price target on shares of Nextpower in a report on Friday, July 31st. Roth Capital reiterated a “buy” rating and set a $175.00 price objective on shares of Nextpower in a research note on Tuesday, July 28th. JPMorgan Chase & Co. dropped their price objective on Nextpower from $179.00 to $152.00 and set an “overweight” rating on the stock in a report on Friday, July 31st. TD Cowen cut their target price on Nextpower from $135.00 to $118.00 and set a “hold” rating for the company in a research note on Monday, July 20th. Finally, Northland Securities lifted their target price on Nextpower from $148.00 to $162.00 and gave the company an “outperform” rating in a report on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $146.12.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Legal & General Group Plc increased its stake in Nextpower by 4.6% in the 4th quarter. Legal & General Group Plc now owns 414,304 shares of the company’s stock worth $36,090,000 after acquiring an additional 18,380 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Nextpower by 342,159.2% in the 4th quarter. Assetmark Inc. now owns 427,824 shares of the company’s stock valued at $37,268,000 after acquiring an additional 427,699 shares in the last quarter. Gateway Investment Advisers LLC boosted its position in shares of Nextpower by 215.1% during the 4th quarter. Gateway Investment Advisers LLC now owns 24,006 shares of the company’s stock valued at $2,091,000 after acquiring an additional 16,388 shares during the last quarter. Vestcor Inc grew its holdings in shares of Nextpower by 480.8% during the fourth quarter. Vestcor Inc now owns 21,947 shares of the company’s stock worth $1,912,000 after purchasing an additional 18,168 shares in the last quarter. Finally, Flputnam Investment Management Co. purchased a new position in shares of Nextpower during the fourth quarter worth about $615,000. 67.41% of the stock is currently owned by hedge funds and other institutional investors.

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.