Vanguard Group Inc. Lowers Position in Nextpower Inc. $NXT

Vanguard Group Inc. lessened its stake in Nextpower Inc. (NASDAQ:NXT) by 0.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,106,121 shares of the company’s stock after selling 61,724 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of Nextpower worth $1,228,784,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of NXT. Whittier Trust Co. of Nevada Inc. lifted its stake in Nextpower by 268.7% during the 4th quarter. Whittier Trust Co. of Nevada Inc. now owns 306 shares of the company’s stock valued at $28,000 after acquiring an additional 223 shares in the last quarter. Foster Dykema Cabot & Partners LLC bought a new stake in shares of Nextpower in the 3rd quarter worth $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 acquiring an additional 414 shares in the last quarter. Baillie Gifford & Co. raised its holdings in shares of Nextpower by 76.5% in the fourth quarter. Baillie Gifford & Co. now owns 420 shares of the company’s stock valued at $37,000 after purchasing an additional 182 shares during the last quarter. Finally, BOKF NA lifted its position in shares of Nextpower by 1,135.7% during the third quarter. BOKF NA now owns 519 shares of the company’s stock valued at $38,000 after purchasing an additional 477 shares in the last quarter. Institutional investors own 67.41% of the company’s stock.

Nextpower Stock Up 0.7%

NASDAQ NXT opened at $119.93 on Friday. The company’s 50 day moving average is $114.44 and its 200-day moving average is $103.65. Nextpower Inc. has a 12-month low of $40.85 and a 12-month high of $131.72. The firm has a market cap of $17.81 billion, a P/E ratio of 30.67, a price-to-earnings-growth ratio of 5.66 and a beta of 2.02.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Tuesday, January 27th. The company reported $1.10 EPS 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 company had revenue of $909.35 million during the quarter, compared to the consensus estimate of $812.43 million. Equities analysts expect that Nextpower Inc. will post 3.72 EPS for the current year.

Analyst Ratings Changes

Several research firms recently weighed in on NXT. Weiss Ratings restated a “buy (b-)” rating on shares of Nextpower in a report on Friday, March 27th. The Goldman Sachs Group set a $140.00 target price on shares of Nextpower and gave the stock a “buy” rating in a research report on Tuesday, April 14th. BMO Capital Markets restated a “market perform” rating and issued a $104.00 target price on shares of Nextpower in a research note on Wednesday, January 28th. Susquehanna upped their target price on Nextpower from $133.00 to $136.00 and gave the company a “positive” rating in a report on Thursday, April 9th. Finally, UBS Group increased their price target on Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, January 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $117.79.

Insider Activity

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of the stock in a transaction 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 sale, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. This represents a 7.38% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.56% of the stock is currently 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.