Nextpower Inc. $NXT Shares Sold by CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT reduced its position in Nextpower Inc. (NASDAQ:NXT) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 173,600 shares of the company’s stock after selling 7,400 shares during the quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT’s holdings in Nextpower were worth $13,529,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Signature Equity Partners LLC lifted its position in shares of 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 purchasing an additional 113 shares during the period. Continuum Advisory LLC purchased a new position in Nextpower during the second quarter valued at approximately $37,000. Root Financial Partners LLC increased its holdings in 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 buying an additional 103 shares during the period. Trust Co. of Vermont bought a new position in Nextpower in the second quarter worth approximately $63,000. Finally, Westfuller Advisors LLC bought a new position in Nextpower in the first quarter worth approximately $66,000. 67.41% of the stock is owned by hedge funds and other institutional investors.

Nextpower Stock Performance

Nextpower stock opened at $76.48 on Tuesday. The stock has a market cap of $11.60 billion, a PE ratio of 19.81, a price-to-earnings-growth ratio of 1.90 and a beta of 1.94. The stock has a 50-day moving average of $83.90 and a two-hundred day moving average of $106.98. Nextpower Inc. has a one year low of $75.40 and a one year high of $163.13.

Nextpower (NASDAQ:NXT) last issued its quarterly earnings results on Thursday, July 30th. The company reported $1.20 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.15. Nextpower had a return on equity of 26.29% and a net margin of 16.36%. The business had revenue of $935.17 million for the quarter, compared to analyst estimates of $935.39 million. As a group, sell-side analysts predict that Nextpower Inc. will post 3.80 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Robert W. Baird dropped their price objective on Nextpower from $156.00 to $116.00 and set an “outperform” rating on the stock in a research report on Tuesday, September 22nd. Royal Bank Of Canada lowered their price target on shares of Nextpower from $149.00 to $147.00 and set an “outperform” rating on the stock in a report on Friday, July 31st. Barclays cut their price objective on shares of Nextpower from $147.00 to $146.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 13th. TD Cowen upgraded shares of Nextpower to a “hold” rating in a research note on Monday, October 5th. Finally, Citigroup decreased their target price on shares of Nextpower from $121.00 to $111.00 and set a “buy” rating for the company in a research report on Wednesday, October 21st. One equities research 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 company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $139.77.

Insider Buying and Selling

In other Nextpower news, President Howard Wenger sold 11,176 shares of the firm’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 completion of the transaction, the president owned 419,868 shares of the company’s stock, valued at approximately $43,993,769.04. This trade represents a 2.59% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Brandi Thomas sold 7,415 shares of Nextpower stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.25, for a total transaction of $676,618.75. Following the sale, the director owned 7,914 shares of the company’s stock, valued at $722,152.50. The trade was a 48.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 100,431 shares of company stock worth $10,039,748 over the last ninety days. Company insiders own 0.84% of the company’s stock.

Nextpower Profile

Nextracker Inc is a renewable energy technology company that designs, manufactures and supplies intelligent solar-tracking systems for utility-scale and large commercial solar power projects. Its systems adjust the position of solar panels throughout the day to help photovoltaic modules capture more sunlight and improve energy production.

The company’s product portfolio includes single-axis solar trackers, structural components, foundations and related hardware, as well as software and controls designed to optimize tracker performance.