Nextpower Inc. $NXT Stock: Viking Fund Management LLC Raises Position

Viking Fund Management LLC increased its holdings in shares of Nextpower Inc. (NASDAQ:NXT) by 84.2% in the third quarter, Holdings Channel.com reports. The fund owned 35,000 shares of the company’s stock after buying an additional 16,000 shares during the quarter. Viking Fund Management LLC’s holdings in Nextpower were worth $2,728,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Signature Equity Partners LLC boosted its holdings in Nextpower by 76.4% during the 1st quarter. Signature Equity Partners LLC now owns 261 shares of the company’s stock valued at $31,000 after acquiring an additional 113 shares during the period. Continuum Advisory LLC purchased a new stake in Nextpower in the second quarter worth $37,000. Root Financial Partners LLC increased its stake in Nextpower by 30.0% in the first quarter. Root Financial Partners LLC now owns 446 shares of the company’s stock worth $54,000 after purchasing an additional 103 shares during the period. Trust Co. of Vermont purchased a new stake in Nextpower in the second quarter worth $63,000. Finally, Westfuller Advisors LLC purchased a new stake in Nextpower in the first quarter worth $66,000. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on NXT. Weiss Ratings downgraded Nextpower from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. TD Cowen upgraded shares of Nextpower to a “hold” rating in a report on Monday, October 5th. UBS Group reaffirmed a “buy” rating and issued a $160.00 price target on shares of Nextpower in a research note on Monday, August 3rd. Barclays reduced their price target on shares of Nextpower from $147.00 to $146.00 and set an “overweight” rating on the stock in a research note on Tuesday. Finally, BMO Capital Markets upgraded shares of Nextpower from a “hold” rating to an “outperform” rating and set a $132.00 price objective for the company in a report on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, twenty-three have issued a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $142.46.

Nextpower Stock Down 7.0%

Shares of NASDAQ:NXT opened at $82.56 on Thursday. The business’s 50 day moving average is $86.74 and its 200 day moving average is $106.89. The stock has a market cap of $12.53 billion, a P/E ratio of 21.39, a price-to-earnings-growth ratio of 2.15 and a beta of 1.94. Nextpower Inc. has a 52-week low of $76.71 and a 52-week high of $163.13.

Nextpower (NASDAQ:NXT) last issued its earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, beating analysts’ consensus estimates of $1.05 by $0.15. The business had revenue of $935.17 million during the quarter, compared to analyst estimates of $935.39 million. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. On average, sell-side analysts anticipate that Nextpower Inc. will post 3.77 EPS for the current fiscal year.

Insider Buying and Selling at Nextpower

In other news, Director Julia Blunden sold 3,723 shares of the stock in a transaction on Friday, August 21st. The stock was sold at an average price of $88.08, for a total transaction of $327,921.84. Following the transaction, the director owned 6,434 shares of the company’s stock, valued at approximately $566,706.72. This represents a 36.65% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Daniel Shugar sold 67,636 shares of the firm’s stock in a transaction on Monday, August 10th. The shares were sold at an average price of $103.07, for a total value of $6,971,242.52. Following the transaction, the chief executive officer owned 871,131 shares in the company, valued at approximately $89,787,472.17. This represents a 7.20% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders have sold 100,431 shares of company stock worth $10,039,748. Insiders own 0.84% of the company’s stock.

Nextpower Company Profile

Nextracker Inc (NASDAQ:NXT) is a renewable energy technology company that designs and supplies intelligent solar tracking systems for utility-scale and large distributed-generation photovoltaic projects. Its systems help solar panels follow the sun throughout the day, improving energy production and supporting the development of large solar power facilities.

The company’s product portfolio includes solar tracker hardware, structural components, controls, and software designed to optimize project performance.