Principal Financial Group Inc. Lowers Position in Nextpower Inc. $NXT

Principal Financial Group Inc. lessened its stake in Nextpower Inc. (NASDAQ:NXT) by 37.0% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 504,444 shares of the company’s stock after selling 296,392 shares during the quarter. Principal Financial Group Inc.’s holdings in Nextpower were worth $43,942,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Triasima Portfolio Management inc. purchased a new position in shares of Nextpower in the fourth quarter worth $2,996,000. Truist Financial Corp raised its stake in Nextpower by 16.6% during the fourth quarter. Truist Financial Corp now owns 5,248 shares of the company’s stock valued at $457,000 after purchasing an additional 746 shares in the last quarter. Reynders McVeigh Capital Management LLC raised its stake in Nextpower by 10.9% during the fourth quarter. Reynders McVeigh Capital Management LLC now owns 129,867 shares of the company’s stock valued at $11,313,000 after purchasing an additional 12,800 shares in the last quarter. Hussman Strategic Advisors Inc. raised its stake in Nextpower by 40.0% during the fourth quarter. Hussman Strategic Advisors Inc. now owns 29,400 shares of the company’s stock valued at $2,561,000 after purchasing an additional 8,400 shares in the last quarter. Finally, Strs Ohio raised its stake in Nextpower by 31.7% during the fourth quarter. Strs Ohio now owns 144,900 shares of the company’s stock valued at $12,622,000 after purchasing an additional 34,900 shares in the last quarter. Hedge funds and other institutional investors own 67.41% of the company’s stock.

Nextpower Stock Up 4.2%

NXT stock opened at $125.91 on Friday. Nextpower Inc. has a twelve month low of $44.75 and a twelve month high of $131.72. The stock has a market capitalization of $18.70 billion, a price-to-earnings ratio of 32.20, a price-to-earnings-growth ratio of 5.75 and a beta of 1.60. The firm’s fifty day simple moving average is $114.71 and its two-hundred day simple moving average is $104.61.

Insiders Place Their Bets

In other Nextpower news, CEO Daniel S. Shugar sold 59,456 shares of the business’s stock in a transaction on Monday, March 9th. The shares were sold at an average price of $105.17, for a total transaction of $6,252,987.52. Following the transaction, the chief executive officer owned 746,339 shares in the company, valued at $78,492,472.63. The trade was 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 owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. The Goldman Sachs Group set a $140.00 price target on shares of Nextpower and gave the company a “buy” rating in a research note on Tuesday, April 14th. Robert W. Baird upped their price target on shares of Nextpower from $126.00 to $133.00 and gave the company an “outperform” rating in a research note on Tuesday, April 28th. Needham & Company LLC upped their price target on shares of Nextpower from $103.00 to $138.00 and gave the company a “buy” rating in a research note on Thursday, January 29th. UBS Group upped their price target on shares of Nextpower from $125.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, January 28th. Finally, Jefferies Financial Group upped their price target on shares of Nextpower from $122.00 to $138.00 and gave the company a “buy” rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $117.79.

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.