Public Employees Retirement System of Ohio Acquires Shares of 42,589 Nextpower Inc. $NXT

Public Employees Retirement System of Ohio bought a new position in Nextpower Inc. (NASDAQ:NXT) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 42,589 shares of the company’s stock, valued at approximately $5,074,000.

Other institutional investors have also recently modified their holdings of the company. Jupiter Asset Management Ltd. increased its holdings in shares of Nextpower by 0.3% in the 4th quarter. Jupiter Asset Management Ltd. now owns 26,706 shares of the company’s stock worth $2,326,000 after purchasing an additional 86 shares in the last quarter. Root Financial Partners LLC lifted its holdings in shares of Nextpower by 30.0% during the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock valued at $54,000 after purchasing an additional 103 shares in the last quarter. Signature Equity Partners LLC increased its holdings in Nextpower by 76.4% in the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock worth $31,000 after buying an additional 113 shares in the last quarter. Janney Montgomery Scott LLC raised its position in Nextpower by 2.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,963 shares of the company’s stock worth $719,000 after buying an additional 119 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Nextpower by 12.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,314 shares of the company’s stock valued at $114,000 after acquiring an additional 143 shares during the period. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Stock Down 0.6%

Nextpower stock opened at $82.55 on Thursday. The company has a market cap of $12.53 billion, a price-to-earnings ratio of 21.39, a PEG ratio of 1.67 and a beta of 1.92. The firm’s fifty day moving average is $100.22 and its 200 day moving average is $113.71. Nextpower Inc. has a 52-week low of $64.30 and a 52-week high of $163.13.

Nextpower (NASDAQ:NXT) last released its quarterly earnings data on Thursday, July 30th. The company reported $1.20 EPS for the quarter, beating the consensus estimate of $1.05 by $0.15. Nextpower had a net margin of 16.36% and a return on equity of 26.29%. The business had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. On average, equities research analysts anticipate that Nextpower Inc. will post 3.7 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on NXT shares. Citigroup decreased their price objective on shares of Nextpower from $145.00 to $132.00 and set a “buy” rating for the company in a report on Monday, August 3rd. Zacks Research lowered shares of Nextpower from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, August 11th. Truist Financial raised their price target on Nextpower from $140.00 to $145.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Needham & Company LLC reaffirmed a “buy” rating and set a $149.00 target price on shares of Nextpower in a report on Friday, May 29th. Finally, Wolfe Research reaffirmed an “outperform” rating and issued a $160.00 price objective on shares of Nextpower in a research note on Friday, May 29th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Nextpower presently has an average rating of “Moderate Buy” and an average price target of $146.12.

Insider Transactions at Nextpower

In related news, Director Julia Blunden sold 3,723 shares of Nextpower stock in a transaction dated Friday, August 21st. The stock was sold at an average price of $88.08, for a total value of $327,921.84. Following the completion of the transaction, the director owned 6,434 shares in the company, valued at approximately $566,706.72. This trade represents a 36.65% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, President Howard Wenger sold 11,176 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the president directly owned 419,868 shares of the company’s stock, valued at $43,993,769.04. The trade was a 2.59% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,431 shares of company stock worth $10,039,748 in the last quarter. Company insiders own 0.84% of the company’s stock.

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.