Truist Financial Corp Makes New $333,000 Investment in Nextpower Inc. $NXT

Truist Financial Corp acquired a new position in shares of Nextpower Inc. (NASDAQ:NXT) during the third quarter, Holdings Channel.com reports. The institutional investor acquired 4,502 shares of the company’s stock, valued at approximately $333,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Cullen Frost Bankers Inc. grew its holdings in shares of Nextpower by 122.3% in the second quarter. Cullen Frost Bankers Inc. now owns 589 shares of the company’s stock valued at $32,000 after purchasing an additional 324 shares during the period. Hantz Financial Services Inc. raised its stake in Nextpower by 1,737.8% during the second quarter. Hantz Financial Services Inc. now owns 827 shares of the company’s stock worth $45,000 after purchasing an additional 782 shares during the period. MAI Capital Management boosted its holdings in Nextpower by 309.4% in the 2nd quarter. MAI Capital Management now owns 831 shares of the company’s stock valued at $45,000 after purchasing an additional 628 shares during the last quarter. EverSource Wealth Advisors LLC grew its stake in shares of Nextpower by 179.7% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,127 shares of the company’s stock valued at $61,000 after buying an additional 724 shares during the period. Finally, Global Retirement Partners LLC increased its holdings in shares of Nextpower by 42,633.3% during the 3rd quarter. Global Retirement Partners LLC now owns 1,282 shares of the company’s stock worth $95,000 after buying an additional 1,279 shares during the last quarter. 67.41% of the stock is owned by institutional investors and hedge funds.

Nextpower Stock Performance

NASDAQ NXT opened at $116.44 on Friday. The firm has a market cap of $17.29 billion, a price-to-earnings ratio of 29.78, a PEG ratio of 3.36 and a beta of 2.35. The firm has a 50 day simple moving average of $99.57 and a 200-day simple moving average of $85.83. Nextpower Inc. has a one year low of $36.06 and a one year high of $131.59.

Nextpower (NASDAQ:NXT) last announced its earnings results on Tuesday, January 27th. The company reported $1.10 earnings per share for the quarter, topping 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 firm had revenue of $909.35 million for the quarter, compared to the consensus estimate of $812.43 million. Equities analysts predict that Nextpower Inc. will post 3.29 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms have issued reports on NXT. Weiss Ratings reissued a “buy (b-)” rating on shares of Nextpower in a research note on Monday, December 29th. Guggenheim set a $74.00 price objective on Nextpower in a research report on Wednesday, October 22nd. Royal Bank Of Canada upped their target price on shares of Nextpower from $93.00 to $96.00 and gave the company an “outperform” rating in a research report on Thursday, November 13th. Northland Securities set a $111.00 target price on shares of Nextpower in a research note on Tuesday, January 6th. Finally, UBS Group upped their price objective on shares of Nextpower from $125.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, January 28th. One investment analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $108.32.

Insider Buying and Selling

In other news, CAO David P. Bennett sold 33,725 shares of the business’s stock in a transaction dated 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 directly owned 130,967 shares of the company’s stock, valued at approximately $11,535,573.36. The trade was a 20.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Daniel S. Shugar sold 47,743 shares of Nextpower stock in a transaction that occurred on Monday, November 17th. The stock was sold at an average price of $91.28, for a total transaction of $4,357,981.04. Following the completion of the transaction, the chief executive officer owned 624,882 shares of the company’s stock, valued at $57,039,228.96. This represents a 7.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 96,468 shares of company stock valued at $8,839,829 in the last three months. 0.56% of the stock is owned by corporate insiders.

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.